Core Points - Fly Play hf. has decided to cease operations, canceling all flights and initiating a wind-down process with authorities and employees [1][4] - The decision stems from long-term underperformance, poor ticket sales, negative media coverage, and employee discontent regarding strategic changes [2][4] - The revised business model introduced last fall was initially optimistic but failed to address the company's deep-rooted challenges, leading to the conclusion that earlier implementation was necessary [3][4] - The cessation of operations will affect thousands of passengers, result in approximately 400 job losses, and cause financial losses for the company's partners [4][5] - The Board and management express regret over the decision, stating that all other options were exhausted before arriving at this painful conclusion [5]