YRC Chairman Confirms That Layoffs Are Ahead
YRC Worldwide Chairman Bill Zollars told analysts to expect more layoffs across the company as part of YRC's effort to save $300 million by the end of this yea
YRC Worldwide Chairman Bill Zollars told analysts to expect more layoffs across the company as part of YRC's effort to save $300 million by the end of this year
, according to reports by the Kansas City Star.
During a J. P. Morgan conference Tuesday, Zollars told attendees the Kansas-based company has regained some of its old customers, following YRC's $470 million debt-for-equity swap. However, since December, Zollars said the company has laid off about 2,000 employees, the Kansas City Star reports.
In February, the less-than-truckload giant laid off about 200 workers from its Overland Park headquarters and its Akron, Ohio, facility, according to Reuters. The news service says the move is part of the company-wide effort to restructure its business and make lenders and debt-holders happy.
Zollars also told analysts that the company was up 5 percent in the first week of February and gained 6.5 percent in the first week of March, according to the Kansas City Star.
Zollars did not say how many employees would be cut, but he did say that a lot of the cost reduction efforts would involve layoffs.
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