Another One Bites the Dust: YRC Creeps Quietly Out of China

[ABFwife]

“Everything we do is focused on strengthening our core North American LTL operations,” said Welch in an interview at YRC’s Kansas headquarters – quite a reversal of sentiment from Mr. Zollars 2008 pledge to actively develop China’s nascent trucking industry.

Another One Bites the Dust: YRC Creeps Quietly Out of China - Supply Chain .Asia | Supply Chain .Asia

[Kickass]

...the ailing firm does not have much left in the way of assets to be seized, should its lenders call in its debts. YRC let go of a number of assets in a purported “streamlining” strategy, initiated by Welch. YRC Worldwide has sold off its 65 percent stake in Jiayu Logistics, its JV in China, as well its entire logistics division, contract carriage business, and its truckload unit (Glen Moore). Not much else remains, aside from its North American longhaul less-than-truckload business, YRC Freight.

This pretty much tells the story of yrc.

[Spaghetti]

Another One Bites the Dust: YRC Creeps Quietly Out of China - Supply Chain .Asia | Supply Chain .Asia

Go figure. Oh wait, its the computers.

YRC's Troubled Merger Reflected in IT - The CIO Report - WSJ

Yeah, lets take look at those computers.

YRC COO Meeting Update March 1 2012

That video was shot at January 2011, the company became MIQ Logistics in August 2010, but don't worry, who's going to notice that?

Maybe I should change the company name so I can cover my @$$ of any wrong doing that Zollars brought upon everyone else, like embezzlement. You know, where you take money (lost wages, pension contributions) from one company and either pocket or use the money for another company.

Embezzlement - FindLaw

[I]"MIQ operates in China under an agency agreement with YRC, which has 70 offices and a trucking network there thanks to its controlling interest in Shanghai Jiayu Logistics." The key to growth in today’s difficult economic environment is “taking the existing customer base, demonstrating value and acquiring larger portions of their business. We’ve been very successful at that,” he said. MIQ, however, still benefits from its former corporate ties because of referrals from YRC salespeople to trucking customers that also have import or export needs. MIQ reciprocates the service agreement by using YRC for hauling domestic shipments. YRC is one of the top five carriers in MIQ’s network.[/I]

yrc sells agreed to sell its interest in Shanghai Jiayu Logistics Co., Ltd.

YRC Freight CFO Gaines leaves to join KBP Foods - Kansas City Business Journal

Leaving in a hurry I see.

Wow, could you imagine if they had shut down MIQ Logistics for fraud, and have all that freight come back to YRC and the Teamsters. Think about how many union jobs could be created and saved. that might even bring this company out of this BS debt, which IMO wasn't YRC's or the Teamsters's debt to begin with.