Taxi Company Filing Chapter 11 Bankruptcy Because of Uber

According to Forbes.com, San Francisco's largest taxi company is filing Chapter 11 bankruptcy and Uber and Lyft are to blame. According to the article, the growth of Uber and Lyft have impacted the success of the taxi company in several ways. First, the number of riders for the taxi drivers have dropped. In addition, a number of the good taxi drivers are switching to Uber or Lyft.

In December, NBC Philadelphia indicated that taxi drivers in Philadelphia Pennsylvania were protesting the ride sharing companies. The cab drivers claim that the ride share drivers have an unfair advantage avoiding taxes and that there are public safety issues. Even taxi cab companies in smaller cities like Cherry Hill New Jersey and Mount Laurel New Jersey will have to deal with similar issues. A number of state are proposing regulations for the ride share companies which could level the playing field. If not, a number of taxi companies may be forced to file bankruptcy.

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