Costco Workers Prepare for Strike Amid Contract Negotiations
Thousands of Costco workers represented by the Teamsters union are poised to strike following a midnight deadline on Friday. The union represents approximately 18,000 Costco employees in California, Washington, Maryland, Virginia, New Jersey, and New York.
The potential strike could impact some of Costco's 617 U.S. stores. However, the company maintains that its labor agreement with the Teamsters only applies to less than 10% of its locations.
On January 20th, Teamsters members voted overwhelmingly in favor of a strike if a new three-year contract was not reached by midnight Friday, the expiration date of the current agreement. The union contends that Costco needs to offer a contract that reflects its recent growth.
In the past fiscal year, Costco's revenue rose by 5% to $254 billion, and its net income doubled to $7.36 billion.
"Costco has two choices: respect the workers who made them a success or face a national strike," stated Teamsters General President Sean O'Brien.
Costco, in a statement, asserted that it has maintained a positive relationship with the union for decades and is negotiating in good faith.
"We have always treated our employees fairly and well throughout the history of our company," Costco stated.