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REA Bankruptcy #35160

ABC Evening News for Friday, Nov 07, 1975
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(Studio) 8000 to lose jobs because Railway Express Agency (REA) ordered liquidated by federal bankruptcy referee.
REPORTER: Harry Reasoner

(Newark, New Jersey) Freight to be delivered; then company to go out of business REA commercial shown. Company was in black in `74 until recession hit. Company filed for reorg. in February under bankruptcy act. [REA Vice President Robert A. POTTS - says militant group struck in June and closed 15 of major terminals. Strike crippled recovery effort.] [Union district chairperson Henry MARKOWSKI - says poor management also helped in downfall. Going to go home and cry.] [Worker Joe FARESE - says had 15 years with company] All of equipment to be auctioned off. 8000 more unemployed.
REPORTER: Nancy Herr

Reporter(s):
Herr, Nancy;
Reasoner, Harry
Duration:
00:02:10

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