My former employer was once at the top of its game, solo cup. I was there for 23 years.
Then things started to change, they bought their largest competitor, borrowed a lot of money to do it, failed to pay back the loan, the investors took over, started shutting things down and selling assets.
Next thing you know one day they cant make payroll. Payroll was finally met later that day but it was a eye opener.
Then Solo was bought out, now owned by Dart container.
They had a large layoff earlier this year, talks of more layoffs. One production area of the plant has been closed and the machinery shipped off.
Horribly ran business and unfortunately deserved to close. Don't think they're considering bankruptcy - just closed and nobody has a job.
Cool by me. Our LTL operating company will take some of their business. Yellow customers are going to see the rates for a profitable company before realizing why out of business.
Cool by me. Our LTL operating company will take some of their business. Yellow customers are going to see the rates for a profitable company before realizing why out of business.
I have always worked with the mindset that I could be let go any time, no job is permanent.
Worked at the FAA center in OKC for 10 years and same mindset there.
Others got comfy and bought expensive houses and cars on mega payments.
No thanks.
These people that get laid off is a bad deal but if they were smart and did not do stupid things with their money they should be fine.
Their stock shot up 111% ahead of the bankruptcy filing.
https://investorplace.com/2023/07/yell-stock-alert-yellow-surges-111-ahead-of-bankruptcy-filing/
Worked at the FAA center in OKC for 10 years and same mindset there.
Others got comfy and bought expensive houses and cars on mega payments.
No thanks.
These people that get laid off is a bad deal but if they were smart and did not do stupid things with their money they should be fine.
Their stock shot up 111% ahead of the bankruptcy filing.
https://investorplace.com/2023/07/yell-stock-alert-yellow-surges-111-ahead-of-bankruptcy-filing/
Wow, talk about a sh*t show. How do you lose customers when you have the cheapest service, unless the service is horrible? I wonder if they would have gotten that 700 mil gov loan if they hadn't been a union shop? And what about oversight? And just because they file for bankruptcy doesn't mean they close down. I bet the execs sucked it dry, and now they're on a beach. A billion here and a billion there, pretty soon you're talking about real money.
First report just said closing. Then started bankruptcy talks. $700 million from govt recently PLUS $36B to shore up the pension they're part of. Just need to liquidate assets and close shop. Period.
No, likely wouldn't have happened if non-union business
No, likely wouldn't have happened if non-union business
Money went into the pockets
The Teamsters and the owners made millions in Gov funds paid out! Again the workers get screwed! You get what you let people lead to, everyone thought it was great riding the wave but it never had a foundation. This situation was going on for many yrs. I feel sorry for none of them!!
Another "win" for Unions.
I'm not completely against (non governmental) workers unions. They serve a purpose. But they should be voluntary.
But damn if most aren't stupid as hell when it comes to economics.
I'm not completely against (non governmental) workers unions. They serve a purpose. But they should be voluntary.
But damn if most aren't stupid as hell when it comes to economics.
This is why I don't think it is some catastrophic event. Their business will go elsewhere. It isn't like all that stuff just won't get shipped.
It MIGHT just be at a slightly higher cost.
Marginal economics is a thing.
