A vote in anger

Mark B. Solomon
DC Velocity
January 11, 2014

The decisive rejection yesterday by YRC Worldwide Inc.'s unionized workers of the company's proposed five-year contract extension was more than a referendum on the merits of the proposal. It was a referendum on the past four years.

Since 2009, the less-than-truckload (LTL) carrier's 26,000-member rank and file have agreed to multiple concessionary agreements to keep their employer alive. The givebacks have resulted in reduced wages and vastly diminished pensions. For workers who may have owned company stock before 2009, an agreement reached on New Year's Eve of that year to swap $530 million in debt for $1 billion in new equity—while it kept the company out of bankruptcy—diluted the value of their holdings to virtually nothing. What remained for the workers were their paychecks, their health insurance, and a pension that had been cut by 75 percent.

Click here to read more at DC Velocity.

Get Advice Join TDU Donate

Recent News

Yellow Trims Losses: Best Quarter in Six Years

Yellow Corporation released its first quarter financials on May 10. The company shows strong improvement but is still not profitable. Yellow’s overall operating ratio of 99.3 percent is 3 percent better than a year ago, but well below other LTL carriers, including ABF and TForce.

 

Sysco Profits Up

Sysco Corp announced its quarterly financial report on May 10, with profits and revenue both up dramatically since last year.  Profits for the quarter were $303.33 million, up from $88.9 million last year. Revenue rose 43% from $11.8 billion to $16.9 billion.

View More News Posts