The airline flew leased Boeing 737 and MD-80 aircraft to several destinations from its main hub in Kansas City. The airline was unprofitable in its first two years and during its tenure, had many changes in top management. The events of September 11, 2001 severely impacted many airlines including Vanguard. Vanguard applied for a govenment loan but was rejected. On July 30, 2002 he company filed for Chapter 11 bankruptcy and operations were halted. Vanguard Airlines was eventually liquidated.