Word: greyhounds
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...Greyhound has also been hurt by deregulation of the airlines. Upstart short-haul carriers are now offering flights that are even cheaper than bus travel. While Greyhound charges $56.15 for a journey between Newark and Norfolk, for instance, a People Express ticket is just $23. Says Greyhound Spokeswoman Beth Meyer: "There was a time when that was one of our most heavily traveled routes. Now we've just about abandoned...
Like many other old-line transportation companies, Greyhound is caught in the middle of federal deregulation of its industry. Since November 1982, intercity bus lines have found it far easier to go where they want and charge what they can, within a "zone of rate freedom" established by the Interstate Commerce Commission. Small regional carriers with lower overhead are now doing battle with
...Greyhound over local routes. Almost anyone with $50,000 to buy a used bus can go into business and cut fares to subsistence levels...
...Greyhound, of course, has also benefited from deregulation. It is easier for the company to trim its route list because it is no longer required to serve out-of-the-way hamlets and small towns. Greyhound has given notice that it would like to cut trips to 98 communities in California alone. But the route changes have not come quickly enough to compensate for the company's falling ridership. Last year Greyhound Lines ran up an operating loss of $16.3 million...
...Greyhound Chairman John Teets has been urgently trying to cut overhead. In a well-publicized statement last month, he warned, "We have the highest-paid employees in the bus transportation business. We need-no, we must have-parity with other carriers." Greyhound claims its drivers make an average of $27,437 plus $8,037 in benefits, compared with $22,985 and $5,600 in benefits for drivers at the company's major competitors...