Another large bankruptcy, this one in the trucking industry. Conolidated Freightways goes belly up.

CNN ^ | 9/3/02

[HIDEK6]

VANCOUVER, Washington (CNN) -- Consolidated Freightways, the nation's third-largest long-haul trucking company, plans to file for Chapter 11 bankruptcy Tuesday, its chief executive announced in a recorded message to the company's 20,000 employees Monday.

"All U.S. terminals will not be open tomorrow morning and you should not report, since your employment ends immediately," said CEO John Brincko in a 6.5-minute message. "I am sorry for this action but we have no other choice due to a lack of financial resources."

[Stefan Stackhouse]

The average American has probably rarely, if ever, observed a company like Enron or Tyco in action, nor do they have a clue as to what those companies did. However, EVERYBODY has seen CF's trucks on the interstates, all the time. A lot of people will sit up and take notice of this one, even if the economic impact is not quite so great.

[genefromjersey]

I don't like to say anything upleasant thie close to Labor Day, but I've seen a LOT of trucking outfits go belly-up, and one of the contributing factors was almost always highly ( and loosely ) organized THEFT by EMPLOYEES : sometimes at the Management level; more often at the "blue collar" level.

In the Jersey City , NJ area, the theft rings had regular access to surrounding police departments: try to put an undercover operative in,and the theft rings would use the police to run a precautionary background check. Set up a surveillance, and the stakeout cars would be "buzzed" regularly by patrol cars-even after a "courtesy check-in" with the local dept. had been made.

[centurion316]

Another union shop bites the dust.

Now we know why the Teamsters were so willing to sacrifice their newly organized workers in a two-plus year strike against Overnite. Overnite, a subsidiary of Union Pacific was a non-union operation. Beating them into submission was essential to the Teamsters continued domination in this industry. Doesn't look good for unions in the trucking industry.

[petuniasevan]

Cornflake goes belly-up PING.

[sit-rep]

I was just coming into say that!!

Ex-Howard Baer driver from a years or so ago...

SR

[petuniasevan]

Poorman said Teamsters try to destroy the competition and then turn on themselves when they run out of rivals.

I guess he's right. Can't get too many golden eggs out of a dead goose/trucking company.

I don't drive; poorman worked for CR England and Fox Midwest as over-the-road and regional for 8 years. Now he spots trailers for a paper recycling company.