India, May 3 -- Spirit Airlines, an impish upstart that shook the industry with its irreverent ads and deep discount fares, announced on Saturday that it has gone out of business after 34 years. The ultra-low-cost airline that once operated hundreds of daily flights on its bright yellow planes and employed about 17,000 people said it had "started an orderly wind-down of our operations, effective immediately."

The airline said on its website that all flights have been cancelled and customer service is no longer available. "We are proud of the impact of our ultra-low-cost model on the industry over the last 34 years and had hoped to serve our guests for many years to come," the announcement said. The company advised customers that they cou...