99-year-old trucking company Yellow shuts down, lays off 30,000
Jul 31, 2023
By Karah Rucker (Anchor/Reporter), Stacey Chamberlain (Writer/Producer)
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Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
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Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
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Teamsters say Yellow Corp. is ceasing operations, filing for bankruptcy
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99-year-old trucking company Yellow shuts down, putting 30,000 out of work
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Trucking giant Yellow shuts down on verge of bankruptcy, Teamsters say
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99-year old trucking company Yellow shuts down, putting 30,000 out of work
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A trucking giant that’s been on America’s roads for almost a century is on the brink of collapse with 30,000 jobs at risk, report says
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Trucking company Yellow shuts down after 99 years, putting 30,000 out of work
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Trucking company Yellow Corp. is reportedly preparing for bankruptcy. Here’s what you need to know
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Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
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Yellow is headed for bankruptcy, according to Teamsters Union. Here’s what to know
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Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
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Yellow is shutting down after teetering on the brink of bankruptcy for years
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Trucking firm Yellow Corp. files for bankruptcy, ceases all operations
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US trucking company Yellow shuts down operations -WSJ
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Teamsters says U.S. trucking firm Yellow shuts operations, to file for bankruptcy
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99-year-old trucking company Yellow shuts down, putting 30,000 out of work
Click to see story on KRDO
99-year old trucking company Yellow shuts down, putting 30,000 out of work
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99-year-old trucking company Yellow shuts down, putting 30,000 out of work
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Trucking giant Yellow shuts down operations, bankruptcy seen as imminent
Click to see story on The Business Journals
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on Winnipeg Free Press
Teamsters Says US Trucking Firm Yellow Notifies It of Shutdown, Bankruptcy
Click to see story on VOA News
Teamsters say Yellow ceased operations, filing for bankruptcy
Click to see story on UPI
Teamsters say Yellow Corp. is ceasing operations, filing for bankruptcy
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Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
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Teamsters say Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on Chicago Tribune
Teamsters say Yellow Corp. is ceasing operations, filing for bankruptcy
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Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on Click on Detroit
Trucking giant Yellow shuts down on verge of bankruptcy, Teamsters say
Click to see story on Portland Press Herald
99-year old trucking company Yellow shuts down, putting 30,000 out of work – Boston News, Weather, Sports
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Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on The Billings Gazette
Debt-ridden trucking giant Yellow reportedly shuts down
Click to see story on MarketWatch
Report: Trucking company Yellow Corp. to file for bankruptcy
Click to see story on KCCI
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on Lincoln Journal Star
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on Helena Independent Record
99-year-old trucking company Yellow shuts down, putting 30,000 out of work
Click to see story on KWWL
Orange-themed trucking giant Yellow is so far in the red it has ceased operations and filed for bankruptcy, Teamsters union says
Click to see story on Fortune
Yellow trucking company headed for bankruptcy
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Yellow Corp. transportation company headed for bankruptcy
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Teamsters say trucking giant Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on WPRI 12
Teamsters say Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on KOB 4
US trucking company Yellow shuts down operations -WSJ
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Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on KCRG
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on WFAA 8abc
Teamsters say trucking giant Yellow Corp. is ceasing operations, filing for bankruptcy
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99-year-old trucking company Yellow shuts down, putting 30,000 out of work
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Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on HDR | Hickory Daily Record
Teamsters say Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on WIVB
Trucking company Yellow Corp. is reportedly preparing for bankruptcy. Here’s what you need to know
Click to see story on WCPO Cincinnati
Teamsters say trucking giant Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on The Virginian Pilot
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on WLTX
Yellow Corp. shuts down operations, preparing for bankruptcy
Click to see story on WKRN
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on Krem2 News
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on WBIR
Yellow shutting down, headed for bankruptcy, reports say
Click to see story on The Daily Memphian
Teamsters say Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on MYSTATELINE
99-year old trucking company Yellow shuts down, putting 30,000 out of work
Click to see story on abc12/WJRT
Teamsters say trucking giant Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on The Reporter
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on Denison Bulletin & Review – DBRNews.com
99-year-old trucking company Yellow shuts down, lays off 30,000
Click to see story on Straight Arrow News
Trucking company Yellow Corp. is reportedly preparing for bankruptcy. Here’s what you need to know
Click to see story on WQAD.com
Click to close
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on National Post
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on MY Northwest
Trucking giant Yellow Corp. filing bankruptcy, union says
Click to see story on Boston Herald
99-year old trucking company Yellow shuts down, putting 30,000 out of work
Click to see story on OC Register
WSJ News Exclusive | Trucking Giant Yellow Shuts Down Operations
Click to see story on Wall Street Journal
US trucking giant Yellow shutting down operations amid standoff with Teamsters union
Click to see story on Fox Business
Trucking company Yellow shuts down after 99 years in operation, 30,000 to face unemployment amid fight with Teamsters union
Click to see story on The Post Millennial
Teamsters say trucking giant Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on Daily Press
US trucking firm Yellow shuts ops, to file for bankruptcy – Teamsters
Click to see story on shorenewsnetwork.com
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Trucking company Yellow shuts its doors amid Teamsters union stalemate
Click to see story on Washington Examiner
Trucking Giant Shuts Down After 99 Years, 30,000 Could Lose Their Jobs
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US trucking firm Yellow shuts ops, to file for bankruptcy
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Trucking Giant Yellow Ceases Operations
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Untracked Bias
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on My Mother Lode
Yellow trucking shutdown, bankruptcy? Here’s what to know
Click to see story on NXST
Teamsters say trucking giant Yellow ceasing operations
Click to see story on The Journal Record
End of an Era: 99-Year-Old Trucking Giant Yellow Shuts Down, Leaving 30,000 Jobless
Click to see story on The Daily New York
Teamsters say Yellow Corp. is ceasing operations, filing for bankruptcy – The Morning Sun
Click to see story on communityq.com
Teamsters say trucking giant Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on Maryland Daily Record
U.S. trucking giant Yellow shuts down operations: WSJ – People’s Daily Online
Click to see story on people.com.cn
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know – The Carolinian Newspaper
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83 other sources covering this story
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Center
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Leaning Right
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Last Updated
9 months ago
Trucking company Yellow Corp., which has been in business for nearly a century, has halted operations on July 30, and will lay off all 30,000 of its workers. According to industry experts, the company is expected to file for bankruptcy as soon as Monday, July 31. It is poised to be the largest trucking bankruptcy in the history of the U.S.
The International Brotherhood of Teamsters union has been battling Yellow over its failure to contribute to its pension and health insurance plans.
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During the week of July 23, the union, which represents the company’s 22,000 unionized workers, canceled a threatened strike and granted the company an extra month to make the required payments.
After the strike threat, Yellow’s freight volumes fell 80% within the span of a week, according to one expert in the transportation sector. The union said it then received a legal notice that said Yellow was ceasing operations and filing for bankruptcy.
“Today’s news is unfortunate but not surprising,” Teamsters General President Sean O’Brien said. “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.”
Last year, Yellow reported a net income of $21.8 million. But according to the company’s latest quarterly report, it has $1.3 billion in loan debt that is due in the fall of 2024.
Yellow received a $700-million loan from the government in 2020 as part of a COVID-19 rescue package. In return, the Treasury Department took a 30% stake in the company’s shares, which have since plummeted.
In June, a congressional probe found that the Treasury Department made a mistake by disbursing the loan to the freight company. The corporation didn’t meet the standards to qualify for the business loan.
Yellow handles pallet-sized shipments of freight across the country for companies like Walmart and Home Depot. It moves shipments from numerous customers in the same truck, a segment of the trucking industry known as less-than-truckload, or LTL.
Yellow handles only about 7% of the nation’s 720,000 LTL shipments. Since there is about a 10% excess capacity in the LTL sector, the closure of Yellow shouldn’t cause a significant disruption in supply chains. But according to a trucking industry insider, it will cause higher rates for shippers who depend on LTL carriers since excess capacity sent prices lower.
Yellow has not publicly announced plans for bankruptcy or potential shutdown, but said it will issue a public statement on July 31 about the state of the company.
KARAH RUCKER: TRUCKING COMPANY YELLOW CORP., WHICH HAS BEEN IN BUSINESS FOR NEARLY A CENTURY, HALTED OPERATIONS ON JULY 30, AND WILL LAY OFF ALL 30-THOUSAND OF ITS WORKERS. ACCORDING TO INDUSTRY EXPERTS, THE COMPANY IS EXPECTED TO FILE FOR BANKRUPTCY AS SOON AS JULY 31. IT’S POISED TO BE THE LARGEST TRUCKING BANKRUPTCY IN THE HISTORY OF THE U.S.
LAST WEEK, THE TEAMSTERS UNION, WHICH REPRESENTS 22-THOUSAND OF YELLOW’S WORKERS, CANCELED A THREATENED STRIKE AND GRANTED THE COMPANY AN EXTRA MONTH TO MAKE PAYMENTS TO ITS PENSION AND HEALTH INSURANCE PLANS. THE UNION SAID IT THEN RECEIVED A LEGAL NOTICE SAYING YELLOW WAS CEASING OPERATIONS AND FILING FOR BANKRUPTCY.
IN A STATEMENT, TEAMSTERS GENERAL PRESIDENT SEAN O’BRIAN SAID QUOTE: “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 AN HUNDREDS OF MILLIONS IN BAILOUT FUNDING FROM THE FEDERAL GOVERNMENT. THIS IS A SAD DAY FOR WORKERS AND THE AMERICAN FREIGHT INDUSTRY.”
FOLLOWING DEBT FROM MERGERS AND LASTING EFFECTS FROM THE 2008 RECESSION, YELLOW RECEIVED A 700-MILLION DOLLAR LOAN FROM THE GOVERNMENT IN 2020 AS PART OF A COVID-19 RESCUE PACKAGE. IN RETURN, THE TREASURY DEPARTMENT TOOK A 30-PERCENT STAKE IN THE COMPANY’S SHARES, WHICH HAVE SINCE PLUMMETED. IN JUNE, A CONGRESSIONAL PROBE FOUND THAT THE TREASURY DEPARTMENT MADE A MISTAKE BY DISBURSING THE LOAN TO THE FREIGHT COMPANY, BECAUSE IT DIDN’T MEET THE STANDARDS TO QUALIFY FOR THE BUSINESS LOAN.
YELLOW HANDLES PALLET-SIZED SHIPMENTS OF FREIGHT ACROSS THE COUNTY FOR COMPANIES LIKE WALMART AND HOME DEPOT – AND MOVES SHIPMENTS FROM NUMEROUS CUSTOMERS IN THE SAME TRUCK. IT’S A SEGMENT OF THE TRUCKING INDUSTRY KNOWN AS LESS-THAN-TRUCKLOAD, OR LTL. YELLOW HANDLES ONLY ABOUT 7-PERCENT OF THE NATION’S 720-THOUSAND LTL SHIPMENTS. ACCORDING TO ONE TRUCKING INDUSTRY INSIDER, SINCE THERE IS ABOUT A 10-PERCENT EXCESS CAPACITY IN THE LTL SECTOR, THE CLOSURE OF YELLOW SHOULDN’T CAUSE A SIGNIFICANT DISRUPTION IN SUPPLY CHAINS., BUT IT WILL CAUSE HIGHER RATES FOR SHIPPERS WHO DEPEND ON LTL CARRIERS SINCE IT WAS THE EXCESS CAPACITY THAT SENT PRICES LOWER.
YELLOW SAID IT WILL ISSUE A PUBLIC STATEMENT ON JULY 31 ABOUT THE STATE OF THE COMPANY.
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Media Landscape
See who else is reporting on this story and which side of the political spectrum they lean. To read other sources, click on the plus signs below.
Learn more about this dataLeft 19%
Center 63%
Right 19%
Bias Distribution
Far
Left
+0
Click to close
Left
+0
Click to close
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on The Independent
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on Associated Press News
Teamsters say Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on abc News
99-year-old trucking company Yellow shuts down, putting 30,000 out of work
Click to see story on CNN
Trucking giant Yellow shuts down on verge of bankruptcy, Teamsters say
Click to see story on The Washington Post
99-year old trucking company Yellow shuts down, putting 30,000 out of work
Click to see story on The Mercury news
A trucking giant that’s been on America’s roads for almost a century is on the brink of collapse with 30,000 jobs at risk, report says
Click to see story on Business Insider
Trucking company Yellow shuts down after 99 years, putting 30,000 out of work
Click to see story on WISH-TV
Trucking company Yellow Corp. is reportedly preparing for bankruptcy. Here’s what you need to know
Click to see story on NBC Philadelphia
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on News & Record
Yellow is headed for bankruptcy, according to Teamsters Union. Here’s what to know
Click to see story on AM New York
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on WCSH
Yellow is shutting down after teetering on the brink of bankruptcy for years
Click to see story on Quartz
Trucking firm Yellow Corp. files for bankruptcy, ceases all operations
Click to see story on Scripps News
Click to close
US trucking company Yellow shuts down operations -WSJ
Click to see story on Reuters
Teamsters says U.S. trucking firm Yellow shuts operations, to file for bankruptcy
Click to see story on CNBC
99-year-old trucking company Yellow shuts down, putting 30,000 out of work
Click to see story on KRDO
99-year old trucking company Yellow shuts down, putting 30,000 out of work
Click to see story on KIFI
99-year-old trucking company Yellow shuts down, putting 30,000 out of work
Click to see story on KVIA
Trucking giant Yellow shuts down operations, bankruptcy seen as imminent
Click to see story on The Business Journals
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on Winnipeg Free Press
Teamsters Says US Trucking Firm Yellow Notifies It of Shutdown, Bankruptcy
Click to see story on VOA News
Teamsters say Yellow ceased operations, filing for bankruptcy
Click to see story on UPI
Teamsters say Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on News 4 JAX
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on WPLG
Teamsters say Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on Chicago Tribune
Teamsters say Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on WKMG
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on Click on Detroit
Trucking giant Yellow shuts down on verge of bankruptcy, Teamsters say
Click to see story on Portland Press Herald
99-year old trucking company Yellow shuts down, putting 30,000 out of work – Boston News, Weather, Sports
Click to see story on WHDH
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on The Billings Gazette
Debt-ridden trucking giant Yellow reportedly shuts down
Click to see story on MarketWatch
Report: Trucking company Yellow Corp. to file for bankruptcy
Click to see story on KCCI
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on Lincoln Journal Star
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on Helena Independent Record
99-year-old trucking company Yellow shuts down, putting 30,000 out of work
Click to see story on KWWL
Orange-themed trucking giant Yellow is so far in the red it has ceased operations and filed for bankruptcy, Teamsters union says
Click to see story on Fortune
Yellow trucking company headed for bankruptcy
Click to see story on Fox8
Yellow Corp. transportation company headed for bankruptcy
Click to see story on Kron 4 News
Teamsters say trucking giant Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on WPRI 12
Teamsters say Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on KOB 4
US trucking company Yellow shuts down operations -WSJ
Click to see story on WTVB
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on KCRG
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on WFAA 8abc
Teamsters say trucking giant Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on Fox 59 Indianapolis
99-year-old trucking company Yellow shuts down, putting 30,000 out of work
Click to see story on East Idaho News
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on HDR | Hickory Daily Record
Teamsters say Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on WIVB
Trucking company Yellow Corp. is reportedly preparing for bankruptcy. Here’s what you need to know
Click to see story on WCPO Cincinnati
Teamsters say trucking giant Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on The Virginian Pilot
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on WLTX
Yellow Corp. shuts down operations, preparing for bankruptcy
Click to see story on WKRN
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on Krem2 News
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on WBIR
Yellow shutting down, headed for bankruptcy, reports say
Click to see story on The Daily Memphian
Teamsters say Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on MYSTATELINE
99-year old trucking company Yellow shuts down, putting 30,000 out of work
Click to see story on abc12/WJRT
Teamsters say trucking giant Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on The Reporter
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on Denison Bulletin & Review – DBRNews.com
99-year-old trucking company Yellow shuts down, lays off 30,000
Click to see story on Straight Arrow News
Trucking company Yellow Corp. is reportedly preparing for bankruptcy. Here’s what you need to know
Click to see story on WQAD.com
Click to close
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on National Post
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on MY Northwest
Trucking giant Yellow Corp. filing bankruptcy, union says
Click to see story on Boston Herald
99-year old trucking company Yellow shuts down, putting 30,000 out of work
Click to see story on OC Register
WSJ News Exclusive | Trucking Giant Yellow Shuts Down Operations
Click to see story on Wall Street Journal
US trucking giant Yellow shutting down operations amid standoff with Teamsters union
Click to see story on Fox Business
Trucking company Yellow shuts down after 99 years in operation, 30,000 to face unemployment amid fight with Teamsters union
Click to see story on The Post Millennial
Teamsters say trucking giant Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on Daily Press
US trucking firm Yellow shuts ops, to file for bankruptcy – Teamsters
Click to see story on shorenewsnetwork.com
Click to close
Trucking company Yellow shuts its doors amid Teamsters union stalemate
Click to see story on Washington Examiner
Trucking Giant Shuts Down After 99 Years, 30,000 Could Lose Their Jobs
Click to see story on The Daily Caller
US trucking firm Yellow shuts ops, to file for bankruptcy
Click to see story on OAN
Trucking Giant Yellow Ceases Operations
Click to see story on Zero Hedge
Click to close
Untracked Bias
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
Click to see story on My Mother Lode
Yellow trucking shutdown, bankruptcy? Here’s what to know
Click to see story on NXST
Teamsters say trucking giant Yellow ceasing operations
Click to see story on The Journal Record
End of an Era: 99-Year-Old Trucking Giant Yellow Shuts Down, Leaving 30,000 Jobless
Click to see story on The Daily New York
Teamsters say Yellow Corp. is ceasing operations, filing for bankruptcy – The Morning Sun
Click to see story on communityq.com
Teamsters say trucking giant Yellow Corp. is ceasing operations, filing for bankruptcy
Click to see story on Maryland Daily Record
U.S. trucking giant Yellow shuts down operations: WSJ – People’s Daily Online
Click to see story on people.com.cn
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know – The Carolinian Newspaper
Click to see story on caro.news
Click to close
83 other sources covering this story
Total News Sources
83
Leaning Left
14
Center
47
Leaning Right
14
Last Updated
9 months ago
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