YRC Worldwide Inc. is in discussions with officials of the International Brotherhood of Teamsters (IBT) to determine next steps to get beyond last week's rejection of the labor contract extension. The company says it plans to revise its proposal to both work within the requirements of the capital markets to refinance the company and protect the jobs of its 32,000 employees.
"It is clear the Teamsters understand the urgency of the current situation," said YRC Worldwide CEO James Welch. "Although the company must achieve operational costs savings in the agreement, we also understand that simply re-voting the same proposal is not an option."
Welch explained, "Over the past few days, many employees have reached out to me expressing concern about the future of the company and about how they could protect their jobs."
He added that during these discussions, YRC is conducting business as usual.