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An iconic image of the "lifestyles of the rich and famous" has always been the Learjet, the private jet of choice for celebrities and the well heeled. On February 11, 2020, Learjet's owner, Canadian airplane maker Bombardier, announced that at the end of 2021, after 60 years, it will be ceasing production of the jet.

The reason for this change: the Learjet isn't big enough or luxurious enough for today's customers.

Bombardier acquired Learjet in 1990, and the line of planes is manufactured in Wichita, Kansas. Between the U.S. and Canada, a total of 1,600 jobs will be lost, with 700 jobs being eliminated in Quebec, 100 in Ontario, 250 in Wichita, and another 100 scattered across the U.S.

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On the announcement of the end of Learjet, Bombardier's shares dropped 11% on the Toronto stock exchange.