Swiss regional carrier Baboo is effectively withdrawing the Embraer 190 regional jet from its fleet, and cutting London City and Athens from its route network.
The Geneva-based airline says it is evaluating "strategic options on the future of the company", although it has not disclosed details.
It has three leased Embraer 190s but chief executive Mark Darby tells ATI that the airline is intending "for now" to retain only one of the jets.
He adds that Baboo will only use the aircraft "on some flights, according to demand, and for back-up".
Baboo also uses a pair of Bombardier Q400s for its services.
As part of its corporate review it is axing its London City service on 8 November as well as its Athens service four days beforehand.
"We decided to focus our sales force on our best routes," says Darby, adding that London and Athens have "not achieved the expected results since their launch".
Baboo will continue to operate to 10 destinations, including Geneva, over the winter season.
"We continue to evaluate strategic alternatives and we will not make changes to our structure until the process is finalised," says Darby.