Large Trucking Company Reportedly Shutting Down After 99 Years, Costing Up To 30,000 Jobs | Eastern North Carolina Now

Yellow, a trucking company that has been around for 99 years, will be filing for bankruptcy — costing up to 30,000 jobs, according to the company’s union.

ENCNow
    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Leif Le Mahieu.

    Yellow, a trucking company that has been around for 99 years, will be filing for bankruptcy - costing up to 30,000 jobs, according to the company's union.

    The trucking company, which was founded in 1924 in Oklahoma, has struggled with debt in recent years, taking about $700 million in loans from the federal government during the COVID pandemic.

    "Today's news is unfortunate but not surprising. 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," said Teamsters General President Sean M. O'Brien.

    In a company notice obtained by the Wall Street Journal, Yellow said that it was "shutting down its regular operations on July 28, 2023, closing and/or laying off employees at all of its locations."

    The company has already laid off hundreds of workers, with thousands more facing unemployment if the company officially files for bankruptcy, which is widely expected. Reported first-quarter debt for the company was $1.47 billion with just $806 million in assets, according to Forbes.

    According to the Journal, Yellow had a fleet of around 12,000 trucks which moved freight across the country for companies like Home Depot and Walmart.

    Union leadership has blasted the management of the company, saying that company brass was largely responsible for the financial problems.

    "Teamsters have kept this company afloat for more than a decade through billions of dollars in wage, pension, and work-rule concessions," a union spokesman said. "Yellow couldn't manage itself, and it wasn't up to Teamsters to do it for them."

    The company has faced bankruptcy before, nearly collapsing in 2009, but managed to stay afloat after employees took wage cuts and it negotiated a $470 million debt-for-equity deal.

    Federal loans to the trucking company during the COVID pandemic have been heavily criticized, with one congressional report saying that federal policy during national emergencies needed to be evaluated.

    "While the national security loan program may have been a well-intentioned response to extraordinary events, it ultimately proved to be unnecessary and morphed into something Congress never intended - a risky taxpayer bailout for businesses, like Yellow, that struggled financially before the COVID-19 pandemic and were not critical to maintaining national security," a congressional oversight report said.
Go Back


Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )




Ford Loses Billions On Electric Cars, Embraces Hybrids Economic Truths, Daily Wire, A Business Perspective, Guest Editorial, Editorials, Business, Op-Ed & Politics DeSantis Releases His 10-Point ‘Declaration Of Economic Independence’ Policy Platform


HbAD0

Latest Op-Ed & Politics

51 ex-spies lies to the American people threw the 2020 election
The former White House physician for Presidents Barack Obama and Donald Trump says that a new report this week about how President Joe Biden is struggling to function behind closed doors represents a serious threat to the U.S.
The Tikva Forum for Families of Hostages, an Israeli group created to represent the families of those taken during Hamas’ October 7 terrorist attack, urged President Joe Biden to stop interfering with Israel’s campaign to destroy the terrorist group.
how the Democrats set up the January 6 riot at the Capitol
this is why the left is now attacking Supreme Court justices
Addiction is not just a physical issue, it is also deeply spiritual

HbAD1

told to let all single males just walk in excpet for 6 countries
After saying the six-foot social distancing guideline during the COVID-19 pandemic “sort of just appeared,” Dr. Anthony Fauci on Monday testified that his statement had been “distorted” and that it “actually” came from the Centers for Disease Control and Prevention (CDC).
Accepting the unacceptable makes the unacceptable acceptable
combined traditional conservatives and populist conservatives win majority for first time
The state Supreme Court has agreed to hear one of two pending cases involving North Carolina bar owners challenging Gov. Roy Cooper's COVID-related shutdowns in 2020.
The Biden administration canceled over 350,000 asylum cases, allowing migrants to stay in the United States indefinitely in a move that experts called “mass amnesty.”
Former White House medical advisor Anthony Fauci changed his view of COVID vaccines from 2021 to 2024, clips show.
UK votes for parliament on July 4th, and EU voting for its parliament now

HbAD2

 
Back to Top