The end of the road for Yellow
The Brotherhood of Teamsters said it has received notice that Yellow Corp. has ceased operations and will declare bankruptcy.
Yellow is one of the nation’s largest trucking carriers and provides the transportation of goods for major retailers including The Home Depot and Walmart, in addition to manufacturers.
“Today’s news is unfortunate but not surprising,” Teamsters General President Sean M. O’Brien said in a press release. “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. This is a sad day for workers and the American freight industry.”
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Sources have said the company told employees about the closing and sent notices to its customers over the weekend along with the Wall Street Journal, who broke the story.
As of this morning, Yellow has yet to release a statement on its investor relations page. The trucking company has not officially filed for bankruptcy with the Securities and Exchange Commission either.
The Teamsters Union represents more than 20,000 Yellow Employees. Altogether about 30,000 jobs will be lost with the closing of the company. Nonunion employees were let go on July 28.
Yellow is expected to issue an official statement today. The company is the third-largest U.S. "less-than-truckload" carrier behind Old Dominion and FedEx.
Freight Waves, a trucking and logistics news source, reported that Yellow has ceased all operations as of 12 p.m. on Sunday.
