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(Memphis) News Channel 3 has learned Pinnacle Airlines plans to move its corporate offices from downtown Memphis to Minneapolis.

“We had the responsibility to explore every aspect of our business to find opportunities to reduce costs, including evaluating our property leases, to find the most economical options for Pinnacle,” said John Spanjers, president and CEO of Pinnacle Airlines. “Our analysis covered everything from the available labor pool and operational alignment to economic incentives. Both Memphis and the State of Minnesota presented very strong cases. In the end, it was an economic decision.”

Last year, the company moved its headquarters from Memphis International to downtown because of financial incentives by the city.

More than 500 employees are affected.

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