Extremely sad news for those facing either redundancy, life upheaval or lengthy commutes to get from home to their "new" base every day.
Regrettably, this had an air of inevitability about it. The strategy since the buy-out has lacked cohesion and the emerging route map bore all the hallmarks of a trip to a Routes development conference where each airport pitched a really good idea to bmi Regional for one based aircraft flying to X,Y,Z or A,B and C or M, N and O.
With the exception of Bristol and the existing core at Aberdeen, no critical mass was developed at any single base and there was also no synergy between overseas destinations to generate any sales and marketing economies of scale. You simply can't spend enough money in Gothenburg to find all of the people who might fly to Birmingham, in Zurich to find those who might fly to Edinburgh or in Milan to find those who might fly to Bristol. If you ran services from several UK points to one overseas destination, you can "own" the market more effectively. This has not been done and it's a failing which has directly led to today's decision - and a huge impact on a group of individual crew members who no doubt were optimistic and tried their hardest to make it work.
Unless the airline really concentrates on building up critical mass and a sustainable presence in a few core markets, instead of a route map which looks like a tin of spaghetti emptied over a map of Europe, this will be the first but not last such announcement.