US trucking giant Yellow shutting down operations amid standoff with Teamsters union
Kasowitz Benson Torres’ Marc Kasowitz details the ongoing legal battle between Yellow and the Teamsters Union on ‘The Claman Countdown.’
After nearly 100 years in operation, U.S. trucking giant Yellow Corp is shutting down operations.
The company sent notices to customers and employers, according to a report from The Wall Street Journal.
The end of the road comes after the company earlier this month averted a strike by some 22,000 Teamsters-represented workers, saying the company will pay the more than $50 million it owed in worker benefits and pension accruals.
Then on Thursday, the company said it was exploring opportunities to divest its third-party logistics company Yellow Logistics Inc, and was engaged with multiple interested parties.
COST ASSOCIATED WITH NORFOLK SOUTHERN'S OHIO DERAILMENT MORE THAN DOUBLES TO $803 MILLION
Yellow Corp. trailers are pictured at a YRC Freight facility Friday, July 28, 2023, in Richfield, Ohio. (AP Photo/Sue Ogrocki / AP Images)
Formerly known as YRC Worldwide Inc., Yellow was one of the nation's largest less-than-truckload carriers with some 30,000 employees across the country.
The shutdown comes after more than a decade of financial struggles and seeing customers leave in droves.
FreightWaves reported last week that employees were told to expect the filing Monday. Yellow laid off an unknown number of employees Friday, the outlet later reported, citing a memo that stated the company was «shutting down its regular operations.»
According to Satish Jindel, president of transportation and logistics firm SJ Consulting, Yellow handled an average of 49,000 shipments per day in 2022. Last, that number was down to between 10,000 and 15,000 daily shipments.
As of late March, Yellow
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