Teamsters and Costco reach a tentative agreement, preventing a strike that would have impacted 50 Costco stores across multiple states. Details of the agreement are yet to be released, and union members still need to approve the deal.
Costco and the Teamsters union have reached a tentative agreement on a new contract, averting a potential strike. Teamsters spokesman Matthew McQuaid confirmed to The Associated Press on Saturday that the agreement was reached, preventing a walkout that would have impacted 50 Costco stores across New York, New Jersey, Virginia, and Washington. The agreement, however, is subject to approval by union members.
Details regarding the terms of the agreement were not immediately available, nor is it clear when the union vote will take place. Teamsters members at Costco voted overwhelmingly in favor of a strike on January 20th if a new three-year contract agreement couldn't be reached before the expiration of the current contract at midnight on that day. The strike would have affected a considerable number of Costco locations, with the workers seeking improvements in wages, benefits, and work rules. This push for better conditions comes amidst Costco's record-breaking $7.4 billion profit in its most recent fiscal year, which concluded on September 1st. The Teamsters union has accused Costco of not adequately sharing its substantial profits, which have reportedly doubled since 2019, according to FOX Business. The Teamsters represent 18,000 Costco workers across six states: California, Washington, Maryland, Virginia, New Jersey, and New York. While Costco has a total of 219,000 U.S. employees and 617 U.S. stores, the company stated that its labor agreement with the Teamsters applies to less than 10% of those locations. The tentative agreement will now be presented to the union membership for a vote
Costco Teamsters Strike Averted Labor Agreement Contract Negotiation
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