The union's announcement comes hours after The Wall Street Journal reported that Yellow shut down on Sunday afternoon, citing internal notices sent to customers and employees. "This is a sad day for workers and the American freight industry." "Today's news is unfortunate but not surprising," said Teamsters General President Sean O'Brien. The Teamsters union, which had been locked in contentious negotiations for a new contract with Yellow, said it received a legal notice that Yellow is ceasing operations and filing for bankruptcy, according to a news release posted Sunday night. Employees were told to prepare for a company shutdown Yellow has not publicly announced any plans for bankruptcy or a potential shutdown. LTL companies move pallet-sized shipments - smaller than a container, but bigger than a parcel. The company, formerly known as YRC Worldwide, is the third largest less-than-truckload carrier by revenue, behind FedEx and Old Dominion. With 30,000 jobs at stake, it's poised to be the largest trucking bankruptcy in the history of the U.S., experts said. The company is expected to file for bankruptcy as soon as Monday, according to industry experts, following a recent exodus of customers amid union strife and on top of years of financial troubles. Yellow, a trucking company that just three years ago took a $700 million federal pandemic loan, is shutting down, according to the Teamsters union, which represents the company's 22,000 unionized workers. It's the end of the road for one of the nation's largest freight carriers. Despite no official announcement from the trucking company, industry experts say Yellow faces an imminent shutdown. Yellow box trailers are seen last month at a terminal in Medley, Fla.
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