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Orbitz cuts staff, braces for downturn

Orbitz, the Web travel agency backed by a group of top U.S. airlines, laid off 17 employees, or about 10 percent of its work force, Chief Executive Jeffrey Katz said. The terrorist attacks have caused a slowdown in air travel, and although Chicago-based Orbitz has enough cash to outlast an extended sales slump, Katz said, the company is forecasting the downturn could last for "an extended time." Cost reductions were "prudent," he said.

Orbitz, the Web travel agency backed by a group of top U.S. airlines, laid off 17 employees, or about 10 percent of its work force, Chief Executive Jeffrey Katz said. The terrorist attacks have caused a slowdown in air travel, and although Chicago-based Orbitz has enough cash to outlast an extended sales slump, Katz said, the company is forecasting the downturn could last for "an extended time." Cost reductions were "prudent," he said.