Layoffs Continue at YRC Despite Restructuring
Less-than-truckload giant YRC Worldwide has laid off about 200 workers from its Overland Park headquarters and its Akron, Ohio, facility over the month of Februar
The most recent layoffs at YRC include 90 employees in the IT department, Reuters says.
Less-than-truckload giant YRC Worldwide has laid off about 200 workers from its Overland Park headquarters and its Akron, Ohio, facility over the month of February
, Reuters reports. The news service says the move is part of the company-wide effort to restructure its business and make lenders and debt-holders happy.
Specifically, the cuts included 90 people in YRC's information technology department, Reuters reports.
At the end of February, YRC's shareholders approved the company's $470 million debt-for-equity swap as well as the purchase of $70 million in new unsecured convertible notes in a private placement. The vote removes a total of $550 million in debt from the company's books, a result of months of restructuring efforts and a move that helped the carrier avoid bankruptcy.
According to Reuters, analysts believe the layoffs as well as employee departures will leave the YRC ranks thin.
In September 2009, the company announced plans to continue to lay off employees across the company "in response to economic conditions affecting business volumes."
The company said the "workforce adjustments" were part of an effort to move towards a "functional organizational structure."
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