Pan American World Airways, commonly known as Pan Am, ceased operations and went out of business in December 1991 after filing for bankruptcy earlier that year. Several factors contributed to Pan Am's downfall:
- The 1973 global oil crisis significantly increased operating costs due to Pan Am's fuel-inefficient fleet, resulting in substantial financial losses by the mid-1970s.
- The deregulation of the airline industry in 1978 introduced fierce competition that Pan Am struggled to adapt to.
- The 1988 Lockerbie bombing, where Pan Am Flight 103 was destroyed by a terrorist bomb killing 270 people, severely damaged the airline's reputation and led to costly lawsuits and safety fines.
- Pan Am sold off many of its profitable routes and assets throughout the 1980s to raise cash, weakening its market position.
- Attempts at financial restructuring and rebranding failed to reverse the decline.
- By late 1991, Pan Am was unable to secure necessary funding to continue operations, and after Delta Air Lines decided not to proceed with a critical payment, Pan Am shut down all flights and ceased operations.
Pan Am's final scheduled flight was on December 4, 1991. The airline's collapse marked the end of an era in aviation, as it had been a pioneering and iconic international carrier
. After its closure, Pan Am's brand and logo were purchased by Guilford Transportation Industries in 1998, which renamed itself Pan Am Systems, but the original airline itself no longer exists
