Costco (COST) union workers belonging to Teamsters voted to authorize a strike beginning in February if the giant retailer did not agree to new terms. The existing contract between the workers union and the giant retailer will expire end of January. Costco has reported record profits and workers are looking for better wages and benefits as well as working conditions.
CWEB analyzes that web fans will see delays and slow services across Costco stores in the US if workers go on strike. Some stores may also be shuttered depending on the availability of workers. Negotiations have been going on for months but the January 31 date is looming and workers are ready to go on strike from February 1, if the union is unable to get favorable terms for its members in the new contract.
Costco reported increased revenue and profits for fiscal 2024, ending September 1. It reported revenue of $254 billion and profit of $7.4 billion.
About 85 percent of the union workers have backed the move to strike if negotiations with the retailer are unfavorable. The union has more than 18,000 registered members.
Teamsters General President Sean O’Brien released a statement that said, “Our members have spoken loud and clear—Costco must deliver a fair contract, or they’ll be held accountable. Costco’s greedy executives have less than two weeks to do the right thing. If they refuse, they’ll have no one to blame but themselves when our members go on strike” and more.
Teamsters also stated that they had told the management that their workers would not work a day past January 31 unless they got a “historic, industry leading agreement.”
Teamsters also posted about the strike on Elon Musk’s platform X. However, there has been no comment from Costco, as of now.
Costco is popular for its membership plans. It offers competitive rates for merchandise to its members and offers are generally on bulk orders. It sells many popular products under its Kirkland brand.
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