July 28 (Reuters) - Spirit Airlines said on

Monday it will furlough about 270 pilots while demoting another

140, as the cash-strapped budget carrier looks to scale down its

workforce to match a downsized schedule.

The furloughs will go into effect on Nov. 1, while

designation downgrades for captains will take place on Oct. 1,

the company told Reuters in an emailed statement.

"We are taking necessary steps to ensure we operate as

efficiently as possible as part of our efforts to return to

profitability," the airline said.

The announcement, first reported by Bloomberg News, comes as

Spirit tries to overhaul its business to move away from its

no-frills image and rebrand as a premium airline.

The Florida-based carrier had filed for bankruptcy

protection last November, following years of losses, heavy debt,

and failed merger attempts. It emerged from bankruptcy in March.