Spirit Airlines ceases all operations

Spirit Airlines has ceased all operations, marking the end of the 34-year-old budget carrier and leaving 17,000 employees jobless.

The company blamed its collapse on the failure of federal bailout talks and a 50% surge in jet fuel prices linked to the Middle East conflict.

Tens of thousands of passengers were left stranded over the weekend as all flights were abruptly canceled and customer service was discontinued.

The shutdown is expected to lead to higher airfares across the U.S. as a major low-cost competitor exits the market.