Kenya Airways reportedly plans to reduce its fleet and layoff over 1,000 employees as it restructures its operation to make it more profitable and efficient.

The airline’s CEO, Mbuvi Nguze, said its board of directors were meeting to discuss a turnaround plan that will see $690 million in financing raised.

Kenya Airways, has posted losses for the last three consecutive years. It announced the biggest ever loss in Kenya’s corporate history last year.

“As part of the airline turnaround strategy, all options are on the table. We acknowledge the need to significantly reduce our cost base in all areas,” Kenya Airways Human Resource Director, Alban Mwendar, said.

“For personnel cost, we will discuss with all the staff and unions where appropriate to find the best solution,” he added.

Kenya Airways has sold two Boeing 777-200 aircraft and will sell two more, and it’s searching for carriers to sub-lease four of its Boeing 777-300 planes for a period of four or five years, Bloomberg reported.

The airline, which is partly owned by Air France/KLM Group, sold its only slot at London’s Heathrow to Oman Air last month for a record $75 million.