NEW: Yellow Trucking Shuts Down Operations, Files For Bankruptcy
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,
