Yellow Trucking is shutting down after 99 years due to the failing Biden economy.
Another one bites the dust.
Yellow Trucking is shutting down. The company blames the Teamsters Union and lack of business for the shutdown.
The Daily Mail reports:
Trucking giant Yellow collapsed on Sunday, ceasing operations immediately and leaving some 30,000 workers without jobs.
The closure is the biggest in terms of jobs and revenue in the U.S. trucking industry, according to The Wall Street Journal – which first reported its shutdown.
The company, which received $700 million in federal COVID relief funds in 2020, is preparing to file for bankruptcy and is in talks to sell off all or parts of the business.
Since 2021, the struggling brand has implemented a cost-cutting plan that executives hoped would put the business back on track…
The company’s circumstances have become all the more dire as shipping demand across the freight sector declined substantially this year.
Last week, Yellow, which had $5.2 billion in revenue last year, narrowly avoided a driver strike by Teamster union members after failing to make a $50 million payment for employee benefits. The company had a 30-day period to catch up on pension and benefits payments.
The Teamsters blamed the executives for poor management.