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Thread: Closing original headquarters

  1. #1
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    Default Closing original headquarters

    Seems some rumors were floating that New Penn was closing. The announcement was only for the Lebanon Pa. location headquarters.

    Less-than-truckload carrier New Penn to close Pennsylvania headquarters
    New Penn Motor Express (“New Penn”), one of three U.S.-based regional less-than-truckload (LTL) carriers controlled by YRC Worldwide, Inc. (NASDAQ:YRCW), said Monday it will close its corporate offices in Lebanon, Pennsylvania after 88 years, and consolidate operations there with YRC’s Field Resource Center at the parent’s Overland Park, Kansas headquarters.
    The closing is expected to occur on or around September 9, according to a memo from New Penn President Howard Moshier. Employees will be terminated on September 9 or within a two-week period starting on that date, Moshier said.

    No New Penn service centers in Pennsylvania and across its network will be affected by the move, the regional LTL said.
    https://www.freightwaves.com/news/le...a-headquarters
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    Default Re: Closing original headquarters

    Another story of possible future changes at New Penn.

    YRC CEO: More changes to come after New Penn HQ closure
    The CEO of less-than-truckload (LTL) carrier YRC Worldwide, Inc. (NASDAQ:YRCW) said on July 8 that more changes lie ahead for the company following its disclosure it will close the headquarters of regional LTL unit New Penn Motor Express in early September.
    In a July 8 memo to employees, Darren D. Hawkins said that the changes, which have not been determined, will be unveiled in the coming months. They are part of YRC’s five-year plan to sustain profitability by building sufficient density in its network and to rationalize the company’s cost to serve based on its forecasted volumes, Hawkins said.
    YRC, based in Overland Park, Kansas, has been developing a “network optimization” strategy, a key component of which was the completion of a five-year collective-bargaining agreement with Teamsters union members at the New Penn and Holland regional units, and at its YRC Freight national subsidiary. That contract was ratified in May. Talks with the Teamsters to hammer out a separate agreement with workers at YRC’s Reddaway unit, which serves the West Coast and Pacific Northwest, were continuing as of the middle of June.
    https://www.freightwaves.com/news/yr...hq-closure/amp
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    Default Re: Closing original headquarters

    Quote Originally Posted by fxstc07 View Post
    Another story of possible future changes at New Penn.

    YRC CEO: More changes to come after New Penn HQ closure


    https://www.freightwaves.com/news/yr...hq-closure/amp
    "sustain profitability".................................... ............what profitability?
    Of the topdogs in Overland park?
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  4. #4
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    Default Re: Closing original headquarters

    Another story on New Penn HQ closing from the perspective of the local media in Lebanon PA.
    Notice the new building ? New Penn had refurbished or rebuilt many new terminals and offices before the YRC debacle.
    This story doesn't contain any new news ... just a nice pic of the HQ building.

    80 jobs could be lost as New Penn Motor Express closes Lebanon County headquarters
    No New Penn service centers will be affected by the closure, according to a company press release. Roughly 80 employees are being affected, and the office is expected to close in early September.
    The administrative positions are being consolidated to the Kansas office of New Penn's parent company, YRC Worldwide. The publicly traded company has struggled in the stock market over the last year: On July 9, 2018, YRC's stock peaked at $10.82 a share, while Monday's high was $3.80 a share.
    https://www.ldnews.com/story/news/20...rs/1681787001/

 

 

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