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Monarch Airlines folds as European airlines continue to struggle

British air carrier Monarch Airlines seems to be permanently grounded. The U.K.’s fifth-largest airline shut down Monday, making it the biggest British airline to ever collapse. The sudden shutdown has left more than 100,000 passengers in need of a lift home. An estimated 750,000 more passengers had future flights cancelled. The accounting firm managing Monarch’s bankruptcy said “mounting cost pressures and increasingly competitive market conditions” forced the airline to fold. Austin Kim/ABC7

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