Monarch Airlines will cease flying from its base at East Midlands Airport, from where it currently operates twice-weekly flights to Malta, by the end of April 2015.
The decision to close the base is part of a strategic review under the leadership of Andrew Swaffield, who was recently appointed chief executive of Monarch Group.
The airline will also cut 1,000 jobs as it restructures, affecting around a third of its present workforce.
Through a review of its network strategy, the airline is focusing on offering customers greater flight frequency and more sociable departure times to short-haul European destinations from its main UK bases.
These changes are already reflected in Monarch’s summer 2015 schedule, much of which is already on sale.