Greyhound Lines, citing a drop in revenue resulting from...

PHOENIX, Ariz. -- Greyhound Lines, citing a drop in revenue resulting from discounted fares during the peak summer travel months, announced personnel cuts Wednesday aimed at trimming $1 million and halting deteriorating earnings.

Greyhound said it has eliminated 12 executive positions and nine other support positions within the company in an effort to streamline operations.


It said it is also asking unions representing 16,000 employees for help in cutting costs.

'The restructuring of Greyhound Lines' executive ranks was necessary because of a significant decline in intercity bus earnings for the year to date and the prospect of continued deterioration in Lines' net income for the full year,' John W. Teets, Greyhound's chairman of the board and chief executive officer, said.

He blamed the economy in part for the decline in earnings plus 'imprudent and ill-advised discount fares which have had a disastrous impact on the entire intercity bus industry.'

Teets said he hoped the Amalgamated Transit Union and other unions representing Greyhound Lines employees, would recognize the problems and 'cooperate in a solution.'

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