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Plus: a Texas-based freight brokerage sues Walmart, AI boosts C.H. Robinson's profit margins, Trump weighs tariff relief for automakers, and more.
Yellow, the 99-year-old trucking company, files for bankruptcy and will close, affecting 30,000 jobs and leading to the liquidation of its assets.
Yellow, the 99-year-old trucking company, has filed for Chapter 11 bankruptcy and is liquidating its assets following years of struggle with mounting debt and issues with the Teamsters Union.
The company's closure will result in the loss of 30,000 jobs, including 22,000 union-held positions. Yellow’s bankruptcy and closure have been attributed to the company's debt incurred through mergers, a $700 million federal Covid-19 relief loan, and a protracted standoff with the Teamsters Union. Yellow owns about 12,000 trucks and many freight terminals across the country. Its bankruptcy filing listed 30 unsecured creditors, including BNSF Railway, Amazon.com, and Home Depot.
Source: The Wall Street Journal
After days of silence, trucking company Yellow Corporation released a statement late Sunday night about its filing of bankruptcy. In a sub headline, it places the blame squarely on the International Brotherhood of Teamsters. https://t.co/hiVT7SIoJN pic.twitter.com/bofsXDu1PI
— Sam Hartle (@Sam_Hartle) August 7, 2023
C.H. Robinson and Uber Freight are expanding cross-border LTL services as U.S.–Mexico trade surges.
FedEx Freight is delaying enforcement of new density-based LTL classification rules until Dec. 1. Shippers must still prepare for stricter data requirements.
Saia shares have had an incredibly challenging past week, dropping 33% after missing earnings, down $117 from its high at $354.15, now trading at $237.95.
The European unit could potentially fetch around $2 billion, based on industry estimates.
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