Welcome to 2016, San Francisco. Yellow Cab Co-Op, our city's largest taxi company with 530 medallions, is filing for bankruptcy the Examiner reports. In a letter obtained by the paper, president of the independent company Pamela Martinez writes to shareholders that “We are in a midst of serious financial setbacks,” Namely, those setbacks are lawsuits, Uber, and Lyft.
In 1977, Yellow Cab grew out of bankruptcy in the first place that of their owner. "The Cooperative was formed with the objective of putting the former employees of the bankrupt company back to work and the taxis back on the road," their website explains.
Now, Yellow Cab's former president Gillespie confirms that the company's Chapter 11 Bankruptcy filing is imminent — but that it's a last ditch effort to save the company, which will operate as usual in the meantime.
“In reality, we have the best color scheme there is in the world, we’ve got a lot of loyal customers, we still get a high volume of calls [just for] our color scheme on a daily basis,” Gillespie said.
Other cab companies, such as Flywheel Taxi (née DeSoto) have rebranded and reworked the system to maintain a semblance of competition in these Uber-take-all times. Flywheel says it's doing fine, just fine, okay?