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Holland | Closing of Terminals

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jimmyjoe (jj)

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It was just announced on a conf. call this morning that they are closing 6 terminals at Holland. To take effect on the 22 FEb.

Little Rock, AR., Jackson, MS., Mobile, AL., Metter & Albany, GA., and Lumberton, N.C.
 
Wow!:nutkick: Disgusting. Is there more to come? What else was said? I think all the companies in the YRC family will be on their toes.
 
So, how many terminals does Holland have total? I'm assuming the above mentioned terminals have either a Yellow or Roadway terminal nearby that services the same areas??
 
also coming from the tm is that they are looking at terminals that do not operate with a profit .... so any terminal operating in the red could be closed
 
JimJoe (jj) said:
It was just announced on a conf. call this morning that they are closing 6 terminals at Holland. To take effect on the 22 FEb.

Little Rock, AR., Jackson, MS., Mobile, AL., Metter & Albany, GA., and Lumberton, N.C.
Click to expand...

Is this call on the internet? I would like to here it.
 
our tm said that they think they can turn the rest of the terminals who are not making money around. He said the closeings affect 175 people out of about 10,000 total employees at holland. And comprise about 3 percent of the revenue. Also the closing of these terminals will have a
9 million dollar affect on profitability.
 
ITS OFFICIAL NOW, THIS WAS ON YAHOO BUSINESS, THEY FILED WITH THE SEC REGARDING THE CLOSINGS





Form 8-K for YRC WORLDWIDE INC


--------------------------------------------------------------------------------

7-Feb-2008

Regulation FD Disclosure



Item 7.01 Regulation FD Disclosure
On February 7, 2008, USF Holland and USF Reddaway (the "companies"), subsidiaries of YRC Regional Transportation, a subsidiary of YRC Worldwide Inc., announced to their customers that the companies would be closing certain service centers within their service territories. The closings are expected to occur on February 22, 2008.

USF Holland will close six service centers located on the fringe of its service territory. The six facilities are located in Albany, GA; Jackson, MS; Lumberton, NC; Little Rock, AR; Mobile, AL; and Metter, GA. USF Reddaway will close 21 service centers located in Louisiana, New Mexico, Oklahoma and Texas. Service will still be available to these areas as indirect points through other brands in YRC North American Transportation.

These actions are a significant component of the previously announced $50 million profit improvement plan for YRC Regional Transportation. The companies expect to incur about $10 million in total of one-time shutdown costs primarily related to cash payments of $5 million for lease terminations and $5 million for employee severance. The majority of these charges are expected be recognized in the first quarter of 2008.

This Form-8K contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "expect," "expected," and similar expressions are intended to identify forward-looking statements.

The company's expectations regarding the timing of the service center closings, the one-time shutdown costs and the timing of those costs are only its expectations regarding these matters. The actual date of the closings could differ based on a number of factors including (among others) the timing of our ability to transport our customers' freight from each of the affected service centers. Actual shutdown costs and the timing of those costs could differ based on a number of factors including (among others) our ability to enter into, and the terms of, lease termination agreements for the leased properties, the accuracy of our estimates regarding the fair market value of the owned properties, our ability to enter into agreements to sell the owned properties and our ability to identify all costs related to the closing of the service centers and to properly categorize the costs by type.
 
Wrong Way,
Sadly, if they're pulling out of an area and will no longer service it there is no work being transferred and therefore no need for a COO.
 
wrongway81 said:
They will have to have a change of operations . They can't just say feb, 22 that's it, closed??
Click to expand...
Yes they can because the work is not being moved to another terminal.
I hate to say this because I work at one of the locations they are closing.
We can however, transfer to a terminal within our region and go to the bottom of the board, but with all the layoffs that will never happen.
 
YRC to close nearly 30 regional service centers to cut costs
YRC Worldwide today announced the reorganization of its regional operations saying its USF Holland operation would close six service centers and its USF Reddaway will close 21.

The closings are expected to occur Feb. 22.

The trucking company said the closures make up a “significant component of the previously announced $50 million profit improvement plan for YRC Regional Transportation.” It said it expected to take about $10 million in charges in the current quarter to cover costs of shutting down the operations, half for lease terminations and half for severance.

The company did not say how many employees would be affected.

Shares of the company were trading around $17.56, up 10 cents shortly after the annouoncemnt.

The six USF Holland centers are in Albany, Ga.; Jackson, Miss.; Lumberton, N.C.; Little Rock, Ark.; Mobile, Ala. and Metter, Ga. The 21 USF Reddaway centers are in Louisiana, New Mexico, Oklahoma and Texas. YRC said it would serve these states through its other carriers.

The news comes 12 days after the company reported a fourth-quarter net loss of $735.77 million, or $12.99 a share. That compared with earnings of $46.46 million, or 80 cents a share, during the same period in 2006.

When it reported earnings Jan. 28, Chief Executive Bill Zollars had said the company was working on a reorganization of its regional operations.
 
wrongway81 said:
They will have to have a change of operations . They can't just say feb, 22 that's it, closed??
Click to expand...

They can't close a terminal and then pickup and deliver that freight in the area of the closure using a non-union subsidiary of the NMFA company. I would call my BA and ask what protections you have. It's kind of like when Yellow shut down Preston, it's just a bad deal all around. I think they are violating the 60 day notice law, you may be intitled to something under that. There is all kind of dirty stuff happening with this. It looks like they are trying to get around some new languge gains in the 2008 NMFA, the IBT should be extremmely hot about that. I haven't read any of their statements yet. Good Luck.
 
I just checked the new language in the 2008 agreement, it looks to me as if your laid off from a commonly owned company you should be worked ahead of casuals and if hired you'll start at 90%. I wasn't sure wheather it stated after 4-1-2008 or not, so the timing of the closure shouldn't matter under this language. I know this probably doesn't help much but it is better than nothing.
 
murphyslaw said:
Yes they can because the work is not being moved to another terminal.
I hate to say this because I work at one of the locations they are closing.
We can however, transfer to a terminal within our region and go to the bottom of the board, but with all the layoffs that will never happen.
Click to expand...

Sorry to hear the bad news murphyslaw. Good luck to you driver.
 
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