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Yellow is shutting down after 99 years. Here's what happened.
By Elizabeth Napolitano
Updated on: July 31, 2023 / 7:39 PM / MoneyWatch
Yellow Corp., a beleaguered trucking company that was once one of the U.S.' largest transporters of goods, has ceased operations and is planning to file for bankruptcy, the Teamsters Union said in a statement on Monday.
The company had been in operation for nearly 100 years, but its financial challenges snowballed, leading it to accumulate more than $1 billion in debt.
"Yellow has historically proven that it could not manage itself despite billions of dollars in worker concessions and hundreds of millions in bailout funding from the federal government," said Teamsters General President Sean M. O'Brien in the statement. "This is a sad day for workers and the American freight industry."
...
Some of its largest clients, including retailers Walmart and Home Depot, and logistics platform Uber Freight have already halted shipments to the failing carrier company to prevent goods from being lost or abandoned in the event of bankruptcy, Reuters reported...
https://www.cbsnews.com/detroit/news/yellow-corp-shutting-down-bankruptcy-heres-what-happened/
Yellow is shutting down after 99 years. Here's what happened.
By Elizabeth Napolitano
Updated on: July 31, 2023 / 7:39 PM / MoneyWatch
Yellow Corp., a beleaguered trucking company that was once one of the U.S.' largest transporters of goods, has ceased operations and is planning to file for bankruptcy, the Teamsters Union said in a statement on Monday.
The company had been in operation for nearly 100 years, but its financial challenges snowballed, leading it to accumulate more than $1 billion in debt.
"Yellow has historically proven that it could not manage itself despite billions of dollars in worker concessions and hundreds of millions in bailout funding from the federal government," said Teamsters General President Sean M. O'Brien in the statement. "This is a sad day for workers and the American freight industry."
...
Some of its largest clients, including retailers Walmart and Home Depot, and logistics platform Uber Freight have already halted shipments to the failing carrier company to prevent goods from being lost or abandoned in the event of bankruptcy, Reuters reported...
https://www.cbsnews.com/detroit/news/yellow-corp-shutting-down-bankruptcy-heres-what-happened/