Digitalis
So there have been some terrible business decisions then? Clear out the accountable managers. They are the people who have put Virgin in this position. The UK market needs a Virgin, it is a great product and is well established. Blue Chip, Chalk Stripe Neo Cons fly BA. Pop Stars and pretty people fly Virgin. There is a massive market for both types of passengers.
If you want to stop this action without increasing the offer, then the board and senior management must go. You want to get the crew back onside, then get rid of the very people who have put Virgin in the position that they pay the majority of there employees a rate at the lower end of the UK airline salary scale and still turn in a terrible result.
The comments about realising that Virgin just cant afford it would have more credibility if you got rid of the very people that caused it!