Implications: The Teamsters' concession to give back 10 percent of its wages, and freeze all wages through 2013, is all but official. It is expected to save the $9 billion trucking concern at least $220 million a year. While LTL competitors are eager to paint YRC as a dying company, YRC may have more staying power than many expect.
Analysis: It's the oldest trick in journalism. Find a company in financial difficulty, call a competing company, offer to go off the record with an executive, and write the financial obituary of the company in question.
This story by respected transportation journalist Mark Solomon in DC Velocity falls into that trap. It's hardly Solomon's fault. YRC Worldwide has been a punching bag for so long that everyone wants to be credited with the knockout punch.
This report quotes an unnamed executive of a competing company saying there is a "75 percent chance" that YRC won't survive.
Hey, rival trucking executive, I've got an offer for you. If YRC is still operating two years from now, would you care to go on the record and identify yourself?
Trouble is, as Mark Twain would say, reports of YRC Worldwide's demise may be greatly exaggerated. Full Story......
2 comments:
IF YRCW DOESN'T TAKE THE CUT THEY ARE DUMBER THAN A $3 BILL. THEY JUST COST EVERY FREIGHT TEAMSTER TEIR JOB AND COST EVERY RETIREE THEIR RETIREMENT. AQBF WILL GO DOWN WITH YOU AND YOURS, THANKS ALOT!!
I was a Teamster in Local 707 from 1983-1991. 2 of my very good friends just retired from OTR after 25 years. I bought in to YRCW a couple of weeks ago after watching it fall. I did this because I know where the heart of Yellow Roadway is....it is with the hard-working dock workers and road drivers. I have never worked with a group of harder working men and women. There are many of us behind YRCW's Teamsters! Hang in there! I know it is not easy to take a 10% hit, but the offer of stock options at 15% is someting that could very well grow. Keep up the hard work and stick together Teamsters!!
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