JULY 31, 2023 — BOOM! YELLOW SHUTS DOWN WITH 30,000 EMPLOYEES IMPACTED
Yellow ceased operations on July 30, 2023, Sunday and will lay off all 30,000 of its workforce.
Prior to the shutdown, the company laid off an unknown number of employees on July 28, 2023, including members of the company’s sales force, business operations, and technology department. An announcement of the company’s bankruptcy is pending.
JULY 24, 2023 — Original Post…
Overland Park, Kansas-based Yellow Corporation, one of the nation's largest truck transportation carriers in the United States, is reportedly considering filing bankruptcy in the near future as it attempts to refinance $1.6 billion debts.
According to industry reports, some believe Yellow’s board’s decision not to allow two Yellow operating companies, YRC Freight, and Holland, to make required payments totaling $50 million to the Central States Health and Welfare Fund and the Central States Pension Fund, thus signaling an intention to file for bankruptcy -- with the union threatening a strike as Yellow suspends health benefits and pension accruals for staff.
It appears that Yellow’s freight bills per day have fallen by more than 30% in recent weeks as shippers attempt to insulate their operations from Yellow's financial troubles.
Up to 22,000 employees and 8,000 non-union employees may be impacted by a company that operates an estimated 13,800 tractors and 43,400 trailers.
The company points to the union as being part of the problem as they allegedly impede the company's proposal to combine its trucking divisions.
Yellow has threatened bankruptcy on four other occasions, before receiving accommodation from lenders, the Teamsters Union, the federal government, or a combination of all three.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
