San Francisco’s Largest Cab Company Blames Uber, Lyft for Pending Bankruptcy
With the increasing popularity of the transportation services Uber and Lyft comes the downfall of San Francisco’s largest cab company, which announced its plans to file for bankruptcy, according to Road Warrior Voices.
Yellow Cab Co-Op says along with multiple collision-related lawsuits, the increasing popularity of the transportation services Uber and Lyft are to blame, Road Warrior Voices reported.
“We are in a midst of serious financial setbacks,” Yellow Cab president Pamela Martinez said in a letter to the company’s shareholders that was acquired by the San Francisco Examiner. “Some are due to business challenges beyond our control and others are of our own making. Today we are faced with fiscal obligations that far exceed expected income.”
In addition to taking customers away from Yellow Cab, the company says Uber has taken many of its drivers. The cab company has about 530 drivers while Uber has roughly 16,000 in the San Francisco area, Road Warrior Voices said.
If Yellow Cab does file for bankruptcy, it will be the first big cab company to do so since Uber came on the scene, according to Road Warrior Voices.
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