JetBlue Airways CEO Joanna Geraghty told staff that the carrier is implementing a host of new cost cuts as softer-than-expected travel demand is making break-even operating margins this year unlikely.

“We’re hopeful demand and bookings will rebound, but even a recovery won’t fully offset the ground we’ve lost this year and our path back to profitability will take longer than we’d hoped. That means we’re still relying on borrowed cash to keep the airline running,” Geraghty said in a note to staff dated Monday, which was seen by CNBC.

JetBlue didn’t immediately comment.

The airline will further cut flights, pause retrofits and park some of its Airbus jets, the memo said. The carrier is also assessing the “size and scope of our leadership team and have identified ways to combine or restructure certain roles for greater efficiency at the leadership level,” the memo said.

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