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FedEx Parks Jets Sooner to Cut Costs as Economy Slows

FedEx Corp., already in the midst of a $1.7 billion restructuring, will accelerate plans to park 86 fuel-guzzling older aircraft to further reduce operating costs as economic expansion falls short of its forecasts.

The company recorded a $100 million impairment charge in the quarter ended in May for the first of the aircraft and 308 engines it will take out of service, FedEx said in a statement yesterday. Ten planes are being retired immediately and the shipping company will speed up arrangements to permanently ground the others.