Continental Airlines lays off 20,000 workers

Continental Airlines announced Saturday that it is cutting its schedule of flights by 20% and laying off 12,000 employees due to the reluctance of both business and leisure travelers to return to the skies after Tuesday's terrorist attack on the United States.

The company said in the last four days Continental has seen a drastic drop in bookings in an already declining economy. It said many corporations have instructed their employees to avoid U.S. airlines.