YRC worldwide, Ticker YRCW once again announced that it is going to be cutting trucking jobs. The economy is certainly taking its toll on the this trucking giant. YRCW is most known by its Yellow Freight Less-than-truckload trucking division, but the compnay also owns Roadway.
The company has decided to cut more truck driving jobs as a way to get some slack from its lenders as it avoids bankruptcy. The lenders will certainly be glad to see the company getting leaner as it tries to survive the recession.
Company officials were quoted in an article by William B. Casidy of The Journal Of Commerce as saying, ” “The company continues to make workforce adjustments across the company in response to economic conditions affecting business volumes.”
The company, the largest nationwide LTL operator, didn’t say how many employees would be let go, “since workforce actions are still in process.” The layoffs will streamline decision-making and eliminate duplicate efforts and costs, the company said.
The recession has taken a heavy toll on YRCW as it has reported losses of over $575 million in the first half of 2009. The second quarter of 2009 was the worst so far as the company watched its revenue decline over 40%.
One highlight regarding remaining truck driving jobs at YRC is that lenders have begun to work with the company and are working with YRC to resolve some of its lending issues. This could be a sign of an end to the job cuts at YRCW.
Find the full and complete Journal of Commerce Article here : http://www.joc.com/node/413646