Imo...Maybe the government should also investigate overcharging the customer for the fuel surcharge tax that was artificially increased to make millions of dollars in profits.
This was a complete overreaction by the market today.".... for shipments tendered to it for transport during a period prior to 2013. Business with the U.S. Department of Defense currently represents less than one percent of YRC Freight’s annual revenue....."
The Stock is down to $3.18 and still plunging.....Now down 28.44%
The closing price on July 13th was $10.61
no its not because if yrc is found to be liable its millions in refunds that the dont have to give. they have steadily drained their line of credit and the stock price is crashing so getting a company to loan you the money when you have a low stock price is very hard to do. yrc is using the gm way of doing business. we didn't haul as much freight as we use to but we are making more money in each shipment. this is obviously a sign that they have overcapacity, and its also a sign that customers simply do not want to do business with a company that destroys its merchandise, cant get it to them on time nor can they pick it up on time. the only reason no one has bought out yrc is because of the 10 billion dollar hole known as the pension. otherwise ups, fdx etc would have easily come in and snatched pieces of the company that can make money not the orange destroyer on wheels.
I hate to tell you but all the LTL companies have large freight claims, I had some garage cabinets delivered by Fedex and Conway with damage and when I talked to customer service that was what I was told so thats all bullchitno its not because if yrc is found to be liable its millions in refunds that the dont have to give. they have steadily drained their line of credit and the stock price is crashing so getting a company to loan you the money when you have a low stock price is very hard to do. yrc is using the gm way of doing business. we didn't haul as much freight as we use to but we are making more money in each shipment. this is obviously a sign that they have overcapacity, and its also a sign that customers simply do not want to do business with a company that destroys its merchandise, cant get it to them on time nor can they pick it up on time. the only reason no one has bought out yrc is because of the 10 billion dollar hole known as the pension. otherwise ups, fdx etc would have easily come in and snatched pieces of the company that can make money not the orange destroyer on wheels.
exactly so lets say your waiting on a piece of machinery or a set of cabinets and the arrive destroyed. now what do you do ? Your out the money you spent, your time and now you need to wait for another shipment. i have a customer locally that builds motors for power plants. they once had a motor that took 6 months to build due to the components being sourced from around the world for a power plant in the adirondack mountains. the motor was crushed and ruined beyond repair. 6 months of waiting for this item because its a specialty item and your friendly yrc driver brings it to you destroyed. would you trust them to bring it to you again ?
Customers who are ignorant of the ins and outs of freight ltl have no one to blame but themselves.
Exactly Elwood ! Would you ship a prized possession with YRC ? Even if paying extra for a sealed divider . I've loaded freight in trailers you could drop a basketball through the roof . There hasn't been any true investment in equipment since when ? What a Joke ! Try making a delivery to a customer with a D.R. that calls for two pallets when all you have are three mangled boxes rapped in shrink rap . The unit I drove went through a gallon of oil every 200 miles ( not to mention anti freeze ) . Brought this to the Terminal Mgrs. attention thinking might get something fixed ……… Got a 55 Gal. drum of oil instead . ( Bless His Heart ) ! Not to be off topic people but open your eyes and polish up your Resumes !
They are still part of the "company".The "company" doesn't destroy the freight. Foolish, short sighted Teamsters do.