YRC to Sell Real Estate Assets in Trucker’s Turnaround Bid
By Natalie Doss - Nov 4, 2011
YRC Worldwide Inc. plans to sell real-estate assets while retaining its business units as the money-losing trucker works to regain profitability, Chief Executive Officer James Welch said. “We continually look at any excess property that we’re not using as a potential for sale,” Welch said today in a telephone interview. “We’re not looking at selling any of the business units.” YRC was built by more than $2 billion in acquisitions in 2003 and 2005, and the mergers left extra terminals that aren’t needed, Welch said. The Overland Park, Kansas-based company recently completed a financial restructuring after posting four straight annual losses. Welch said he couldn’t estimate the value of any sales or when they might take place. Buyers would probably be non- transportation companies, he said. Welch said in July that he would examine YRC’s Chinese units and that it was too early to speculate on whether the company would dispose of some of those businesses. The divisions handle logistics and forwarding, and Welch said at the time that YRC is returning to its “roots” of moving trailers that carry cargo from more than one customer.