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Harmony Airways, a five-year-old Canadian full-service airline, said on Tuesday it will end scheduled flights next month, blaming rising costs and competition from larger rivals.

The privately held carrier said it will lay off 350 workers. It will not seek protection from creditors and might try to reorganize itself into a charter service, however.

Vancouver-based Harmony, founded by entrepreneur David T.K. Ho, has operated a small fleet of Boeing 757-200 jets, flying mostly between large Canadian cities and U.S. vacation spots.