Spirit Airlines’ shutdown is a case study in what happens when a turnaround plan breaks

Good morning. After 34 years in operation, Spirit Airlines is shutting down. Its parent company, Spirit Aviation Holdings, announced Saturday that it had begun an orderly wind-down and canceled all flights.

The company said the decision followed unsuccessful efforts to restructure the business, raise capital, and pursue transactions that could strengthen its financial position. It cited a “material increase in oil prices” and other business pressures that weakened its outlook, adding...