SAN FRANCISCO (KPIX 5) — San Francisco’s largest taxi cab fleet is expected to file for bankruptcy later this month.
“The business is imploding,” one cab driver told KPIX 5.
Competition from ridesharing companies like Uber and Lyft may not be entirely to blame. Last year a Yellow Cab slammed into stopped traffic with a passenger in his car. That passenger sued for $8 million, and won.
Between a massive lawsuit, regulation, and high insurance costs, the company will have to retool their operation.
Cabbie Eddie Scoble isn’t sure of the future but he’s not optimistic.
“I was in 37 years, and loved every minute of it. Now it’s gone,” Scoble said.
If the company files for bankruptcy, it will be up to a judge whether or not the injured passenger gets her settlement.