July 28 (Reuters) - Spirit Airlines FLYY.A said on Monday it will furlough about 270 pilots while demoting another 140, as the cash-strapped budget carrier looks to scale down its workforce to match a downsized schedule.

The furloughs will go into effect on Nov. 1, while designation downgrades for captains will take place on Oct. 1, the company told Reuters in an emailed statement.

"We are taking necessary steps to ensure we operate as efficiently as possible as part of our efforts to return to profitability," the airline said.

The announcement, first reported by Bloomberg News, comes as Spirit tries to overhaul its business to move away from its no-frills image and rebrand as a premium airline.

The Florida-based carrier had filed for bankruptcy protection last November, following years of losses, heavy debt, and failed merger attempts. It emerged from bankruptcy in March.

(Reporting by Utkarsh Shetti and Shivansh Tiwary in Bengaluru; Editing by Vijay Kishore)

((UtkarshUmesh.Shetti@thomsonreuters.com;))