It Happened Today in New York City
On December 4, 1991, after 68 years as the largest international air carrier in the U.S., Pan Am ceased operations. Based at the terminal known as Worldport at JFK, Pan Am had its corporate offices on Park Avenue in what was at the time the largest commercial office building in the world. Economic woes in the early 80’s led to the sale of the famous building to MetLife. Swift jumps in fuel prices plus a downturn in worldwide air travel demand, both due to the Iraq War, contributed to the company’s extant problems that led to a declaration of bankruptcy and takeover of service by Delta and other airlines. This was the third airline bankruptcy of the year after Eastern and Midway.
- Posted in: Almanac