Wow Air spent six years drawing shoe-string travelers aboard a growing fleet of magenta jets with fares that sometimes dipped below $100 for a flight across the Atlantic.
Founded in 2012 and owned by Icelandic entrepreneur Skuli Mogensen, Wow has watched its rapid growth backfire. Customer service complaints piled up. It expanded too rapidly and had to fill planes with ever-more expensive fuel, sapping its cash. Things unraveled after aircraft leasing companies asked for stricter payment terms for planes in September. Wow posted losses for the past two years. The situation became more dire last year when rival Icelandair, which looked to be a savior for Wow, backed away from a takeover offer.
Read more: https://www.cnbc.com/2019/02/04/airlines-mr-fix-it-is-trying-to-save-wow-air.html