The Greyhound Lines intercity bus line is among others shutting down in areas across the country, a move that has created frustration for people who need transportation, CNN reported Sunday.
Downtown bus depots in cities such as Houston, Philadelphia, Cincinnati, Tampa, Louisville, Charlottesville, and Portland, Oregon, have slowly been closing down, CNN reported.
The outlet continued:
Bus terminals in major hubs like Chicago and Dallas are also set to close. Greyhound and other companies have relocated their stops far away from city centers, which are often inaccessible by public transit, switched to curbside service or eliminated routes altogether.
These stations built decades ago are shuttering because of high operating costs, government underfunding and, surprisingly, the entrance of an investment firm buying up Greyhound’s real estate for lucrative resale.
The Greyhound website says it offers affordable rates and connects communities across the nation with its convenient, comfortable, and affordable mode of travel.
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Greyhound has been selling its terminals to investment firms such as Alden Global Capital.
The public service has more often been used by lower-income passengers, the outlet also noted.
However, “Bus terminals are costly for companies to operate, maintain and pay property taxes on. Many have deteriorated over the years, becoming blighted properties struggling with homelessness, crime and other issues,” it continued.
In March, Greyhound bus passengers were frustrated by long delays in North Carolina, WRAL reported.
“This is my first time I took Greyhound and I will never take them again,” one woman said:
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It is important to note that in 2020, the value of Greyhound experienced a drop in its value due to reductions in illegal immigration at the U.S.-Mexico border, Breitbart News reported at the time.
“Executives with Greyhound’s parent company, FirstGroup, told MarketWatch their value has dropped by about $156 million because of less migration across the southern border,” the article said.
Greyhound was founded in 1914 and grew to be the biggest intercity bus company in America, the recent CNN report said.
Correction: This story originally referred to Alden Global Capital as a hedge fund. It now correctly indicates it is an investment firm.
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