The airline had departures from Porto to Oslo, Norway.
"Flyr was not successful with the new financial plan and the board [of directors] concluded that there are no alternatives for the future operation. The company filed for insolvency on February 1, 2023. Flyr ended operations and all flights have been cancelled and will not be rescheduled," reads the airline's website.
According to Reuters, more than 400 employees will lose their jobs as a result of the airline's bankruptcy.
Flyr was started by Erik G. Braathen, an industry veteran, and was headquartered in Oslo.