HomeIndustriesTrucking Company Yellow Ceases Operation After Almost 100 Years

Trucking Company Yellow Ceases Operation After Almost 100 Years

Yellow Corp., a well-known name in the trucking business, has ceased its operation and intends to file for bankruptcy. The news was announced by the Teamsters Union, which represents the majority of Yellow drivers and dock workers, in a statement issued on Monday.

Yellow has been around for almost 100 years and was once considered one of the biggest transporters of goods in the United States. However, the company has faced significant financial challenges in recent years and incurred an outstanding debt of $1.5 billion. The figure includes $700 million owed to the federal government as part of the loan it received in 2020.

The company was also in the midst of a conflict with its workers, who threatened to strike after Yellow failed to make contributions to their pension and health insurance.

“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,” Teamsters General President Sean M. O’Brien said. “This is a sad day for workers and the American freight industry.”

Yellow going out of business isn’t expected to significantly disrupt the supply chain in the country. The company primarily handled the less-than-truckload (LTL) shipments and was responsible for less than 10% of all daily shipments in this trucking sector. 

Home Sales Plummeted in August According to Pending Data

Pending home sales for August were down 7.1% from the previous month, data from the National Association of Realtors revealed. This far outpaces the...

Stocks Fall After the Release of GDP Data

U.S. stocks declined on Thursday as investors digested the latest round of GDP data. Estimates on Thursday showed that the U.S. economy's GDP for...

Hyundai and Kia Recall Over 3 Million Vehicles Due to Fire Risk

Hyundai and Kia are in the process of recalling over 3.4 million vehicles in the United States due to a fire risk. Both automakers...