Results 1 to 1 of 1
Thread Information
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)
-
08-02-2023, 03:22 AM #1
NEW: Yellow Trucking Shuts Down Operations, Files For Bankruptcy
NEW: Yellow Trucking Shuts Down Operations, Files For Bankruptcy
By Cristina Laila Jul. 31, 2023 1:15 pm430 Comments
Yellow Trucking shut down its operations and put out its nearly 30,000 employees.
After years of financial struggles and a $700 million US government loan bailout, the nearly century-old company has shut down its operations and filed bankruptcy.
The Teamsters Union blamed decades of mismanagement for the trucking company’s problems.
Yellow Corp claimed the Teamsters were blocking plans to modernize the company.
According to FreightWaves: “Yellow (NASDAQ: YELL) is the third-largest LTL company and employs some 30,000 workers, including around 22,000 Teamsters members. The trucking company had an operating revenue of $5.245 billion in 2022.”
The Wall Street Journal reported: “Of the $1.3 billion in loans the company has coming due next year, $729 million are from the government, according to Yellow’s latest quarterly report. The company reported about $1.48 billion in total debt at the end of the first quarter against $806 million in assets.”
CNN reported:Yellow Corp., a 99-year-old trucking company that was once a dominant player in its field, halted operations Sunday and will lay off all 30,000 of its workers.Shipping costs are going to rise now that Yellow is out of the game.
The unionized company has been in a battle with the Teamsters union, which represents about 22,000 drivers and dock workers at the company. Just a week ago the union canceled a threatened strike that had been prompted by the company failing to contribute to its pension and health insurance plans. The union granted the company an extra month to make the required payments.
But by midweek last week, the company had stopped picking up freight from its customers and was making deliveries only of freight already in its system, according to both the union and Satish Jindel, a trucking industry consultant.
While the union agreed not to go on strike against Yellow, it could not reach an agreement on a new contract with the trucking company, according to a memo sent to local unions Thursday by the Teamsters’ negotiating committee. The union said early Monday that it had been notified of the shutdown.
Last week a longtime Yellow truck driver lost it after being told his pension is in jeopardy. One Yellow truck driver went off on his boss after learning he may not have access to his benefits and pension as the company teeters.
“It’s the motherf*ckers up there, I worked my ass for this company. This is my money y’all are playing with. F*ck this sh*t,” the disgruntled truck driver shouted at a warehouse in Florida.
NEW: Yellow Trucking Shuts Down Operations, Files For Bankruptcy | The Gateway Pundit | by Cristina LailaIf you're gonna fight, fight like you're the third monkey on the ramp to Noah's Ark... and brother its starting to rain. Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
Similar Threads
-
Illinois trucking company shuts down unexpectedly, leaving drivers stranded and unpai
By Airbornesapper07 in forum Other Topics News and IssuesReplies: 0Last Post: 04-16-2023, 02:26 AM -
Driving on an empty tank: Florida trucking company files for bankruptcy as transporta
By Airbornesapper07 in forum Other Topics News and IssuesReplies: 0Last Post: 04-14-2023, 10:42 PM -
FTC shuts down four major robocall operations
By JohnDoe2 in forum Other Topics News and IssuesReplies: 0Last Post: 03-27-2019, 09:35 PM -
Detroit Bankruptcy Detroit Files Largest Municipal Bankruptcy In Hist
By kathyet2 in forum General DiscussionReplies: 41Last Post: 01-15-2017, 07:56 PM -
House Dem files for bankruptcy
By loservillelabor in forum Other Topics News and IssuesReplies: 1Last Post: 02-04-2011, 11:45 AM
POLL: Americans Still Believe Immigration Is The Most Important...
05-05-2024, 08:50 AM in illegal immigration News Stories & Reports