Airline company Play has ceased its operations. On September 28, the company issued its declaration of closure at the Icelandic stock exchange.
“The board of Fly Play has decided to cease all operations, with all company flights being cancelled,” the statement begins. “The reasons for the decision are many, including poorer fiscal performance than expected, ticket sale has underperformed in recent weeks following negative media coverage about the company’s management, and disputes among some of the company’s staff about its adjusted policies,” the statement outlines.
The promise of an updated business model did not deliver, leading to the decision being made, the statement continues. Approximately 400 employees are laid off and thousands of travellers are left without a flight, according to the statement. Finally, the board extends its apologies to everyone affected by the negative consequences.
Play began its operations in 2019, instigated by WOW Air board members, aiming to offer low-budget travel options to and from Iceland.
Play’s performance on the Icelandic stock market has been volatile for some time. Since October, 2024, Play’s share value has decreased by approximately 70 percent as of late September, 2025.
As reported by Viðskiptablaðið, Icelandair’s stock price increased by 30 percent following the news of Play’s closure.
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