Spirit Airlines, the ultra-low-cost carrier known for its budget-friendly fares, has announced its immediate shutdown after nearly 50 years of service. The airline's decision comes on the heels of a failed bailout attempt by the US government, which proposed $500 million in exchange for a 90% stake in the company. Spirit's financial struggles were exacerbated by rising operational costs post-COVID-19 and changing consumer preferences, leading to two bankruptcies. Customers with tickets purchased via credit or debit cards will automatically receive refunds, but those who booked through travel agents must contact them directly. The airline's closure is expected to increase fares on popular routes to destinations like Florida and Las Vegas, as Spirit's competitive pricing will no longer influence the market. This shutdown also impacts approximately 14,000 jobs, raising concerns about employment in the aviation sector. Spirit's legacy of providing low-cost travel options for leisure destinations across the US and Latin America will be missed.