Posts tagged bankruptcy
Postal chief brags of 100% union ‘comrades’ as bankruptcy nears
November 19, 2024 // The agency reported on Thursday a loss of $9.5 billion, $3 billion more than last year. Reuters reported that in a statement about its restructuring plan, USPS said, "If we do nothing more, we remain on the path to either a government bailout or the end of this great organization as we know it."
Commentary: 20 Years Later, Orange County is Still Dealing with ‘Legalized Corruption’
October 16, 2024 // Tom was not alone, of course. Too many of California’s 58 county boards of supervisors and 482 cities’ council members did – and still do – the same thing. And the liabilities are reflected when you review their annual comprehensive financial report rankings provided on the California Policy Center website. The lesson for voters is to elect individuals who have financial literacy, follow sound advice from accountants and actuaries, and emphasize timely transparency. Regretfully, too many are beholden to self-interested public employee union leaders who helped get them elected to their positions. And the annual comprehensive financial reports provide the accountability of the actions of prior elected officials. The impact of Wilson’s two votes will linger for decades.
Yellow Found Liable for $6.5 Billion in Pension Claims
September 20, 2024 // Earlier this month, Goldblatt ruled that Teamsters president Sean O'Brien could be deposed regarding the leadup to Yellow's bankruptcy, which could be a factor in whether the estate must pay up the class-action claims. According to Yellow, letters and conversations between O'Brien and former Yellow CEO Darren Hawkins show that the trucking company had a reasonable basis to believe it could prove that the company is not liable for the WARN Act claims. The Teamsters represented 22,000 of Yellow's roughly 30,000 employees when the company went under, with both parties blaming the other for the logistics firm's demise.
Huge shipping company shuts down and files Chapter 7 bankruptcy
July 10, 2024 // A review of the Texas Workforce Commission website shows that U.S. Logistics Solutions did not file a 60-day notice to employees that's required under the Worker Adjustments and Retraining Notification Act for companies with more than 100 employees. Failure to file the notice led a former employee on June 24 to file a class-action adversary proceeding complaint in the U.S. Bankruptcy Court against the debtor. The Charlotte, N.C.-based private equity firm in a statement said that all of the shipping company's employees had received their final paychecks, according to FreightWaves.
The astonishing number of fast food jobs lost – and restaurants shut – because of California’s new $20-an-hour minimum wage
June 11, 2024 // When the Democrat governor signed the law in 2023, Newsom said the state was getting 'one step closer to fairer wages, safer and healthier working conditions, and better training by giving hardworking fast food workers a stronger voice and seat at the table.' But Republican critics claimed the wage hike would simply mean workers are replaced with self-checkouts and 'robot cooks.' Harsh Ghai, a Burger King franchisee with 140 restaurants on the West Coast announced in April how he planned to have digital kiosks installed in all his locations in two months.
The Delivery Business Shows Why Unions Are Struggling to Expand
May 29, 2024 // But the union has also suffered losses. Yellow, a trucking company that employed 24,000 Teamsters, shut down and filed for bankruptcy protection last year. Amazon and FedEx said they were confident in their approach to managing and compensating workers. Amazon said it had made investments that bolstered pay and benefits at its delivery contractors. FedEx said its nonunion model allowed it to quickly increase pay whereas UPS’s union employees were bound by the terms of five-year contracts.
Key shipping company shutters operations; bankruptcy uncertain
April 23, 2024 // The U.S. logistics industry has been battling with financial distress this year with companies filing for Chapter 7 bankruptcy to liquidate, Chapter 11 reorganization, downsizing operations or just shutting down operations.
After unionized strippers accused club owner of violating deal, federal labor board intervenes
April 1, 2024 // Star Garden reopened in August, after a 15-month tussle during which club management fired more than a dozen dancers, contested the results of a union election held by strippers, filed for bankruptcy and closed its doors. Soon after Star Garden reopened, dancers told The Times that drink prices had ratcheted up, the bar had gone cashless and removed its ATM and management was discouraging customers from tipping with cash. Dancers accused Star Garden management of introducing arbitrary rules and implementing high drink prices and cover fees in bad faith in an effort to deter customers, demoralize dancers and weaken resolve in contract negotiations. Union attorneys filed multiple unfair labor practice charges with the NLRB alleging club owners were engaging in bad faith bargaining and arbitrarily disciplining employees, among other claims.
Ravn cuts workforce two years after pilots unionize
February 27, 2024 // The airlines had declared bankruptcy in 2020, sold off some of its aircraft, and reorganized. Its parent company is FLOAT Alaska. Ravn is suffering from a labor shortage, competition, and inflation, it reported. But in 2022, its pilots joined a union — Airline Pilots Association. Two years later, their company is evidently struggling to stay alive.
Vice to lay off hundreds and stop publishing on website
February 23, 2024 // Once high-flying media brands are shrinking as the digital ad market tightens further. BuzzFeed on Wednesday announced the sale of Complex for $108.6 million, a company it paid nearly triple for as part of its SPAC in 2021, albeit with some assets not involved. BuzzFeed also said it will lay off 16% of its workforce. Vox Media, which an executive once dubbed the "most acquisitive company" in digital media, spun off its political brand NowThis last year. It laid off 4% of its overall staff in November and 7% last January.