![]() But analysts say Greyhound Lines has been losing money for years. Greyhound Corp., which also produces consumer products and sells food, financial and other services, does not break out the earnings of its subsidiaries. Greyhound buses carried 64 million passengers a year in the late 1960s, but the company expects to serve only 34 million this year. "Either use it or lose it," quipped Jack Smith, executive vice president of the Chamber of Commerce in Roanoke, which will lose its terminal under Greyhound's plan. Low-cost airline fares have cut into intercity bus business, and more people drive their own cars than 20 years ago, according to industry analysts. ![]() Greyhound's economic problems reflect the radical change in transportation systems in the last two decades. Greyhound President Fred Dunikoski said earlier this month that the company probably will eliminate 1,500 to 2,000 jobs by the end of the year, reducing its work force to fewer than 10,000 employes. Greyhound's total work force is now about 11,800, of which approximately 10,000 are union members.Īn additional 350 employes will be affected by the terminal closings, according to the company. Since last summer, Greyhound has laid off or offered early retirement to about 400 management employes and about 1,000 unionized rank-and-file employes. Olympia, Spokane and Tacoma, Wash., and Tucson. Long Beach, Redding, Stockton, Redwood City and Vallejo, Calif. New Orleans Kansas City, Springfield, and Joplin, Mo. Dayton, Toledo and Youngstown, Ohio Grand Rapids, Mich. The terminals set for closing include Albany, Binghamton and Syracuse, N.Y. In cities where the Greyhound terminal is to close, independent agents will sell Greyhound tickets out of smaller locations in the suburbs or near interstate highways. "But we're considering routes that don't make money for us in New England, the Midwest, the Great Lakes area, the Pacific Northwest, the Northeast and the West." "I don't have specific numbers," Doherty said. Greyhound spokesman Herb Doherty said that he does not know how many bus routes eventually will be discontinued, but predicted the cutbacks will affect most regions of the country. Kelly, an analyst with Goldman, Sachs & Co. "It reflects a continuing effort by to reduce assets in the bus company where it really is not making an adequate return on its investment," said Jack L. The terminal closings are part of a retrenchment program that Greyhound began last August. Greyhound will make $100 million to $150 million by selling the terminal properties, whose values have soared along with other real estate, the company predicted. Although Phoenix-based Greyhound intends to stop operating costly terminals, the company said it will continue to offer service for the near future in the affected areas by using independent agents to sell tickets. ![]() The financially troubled company announced that 35 of its 125 terminals - including those in Richmond, Roanoke and Norfolk - will be closed by Oct. ![]() said yesterday that it will close almost one-third of its terminals this year and plans to discontinue many routes nationwide as part of a major restructuring of the nation's largest bus system. ![]()
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