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Yellow, the 99-year-old trucking company, files for bankruptcy and will close, affecting 30,000 jobs and leading to the liquidation of its assets.
Yellow, the 99-year-old trucking company, has filed for Chapter 11 bankruptcy and is liquidating its assets following years of struggle with mounting debt and issues with the Teamsters Union.
The company's closure will result in the loss of 30,000 jobs, including 22,000 union-held positions. Yellow’s bankruptcy and closure have been attributed to the company's debt incurred through mergers, a $700 million federal Covid-19 relief loan, and a protracted standoff with the Teamsters Union. Yellow owns about 12,000 trucks and many freight terminals across the country. Its bankruptcy filing listed 30 unsecured creditors, including BNSF Railway, Amazon.com, and Home Depot.
Source: The Wall Street Journal
After days of silence, trucking company Yellow Corporation released a statement late Sunday night about its filing of bankruptcy. In a sub headline, it places the blame squarely on the International Brotherhood of Teamsters. https://t.co/hiVT7SIoJN pic.twitter.com/bofsXDu1PI
— Sam Hartle (@Sam_Hartle) August 7, 2023
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