Join us as we chat with Phil Shook, who managed the intermodal division at C.H. Robinson for almost a decade, about the future of transport, industry insights, and key acquisitions.
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.
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/hiVT7SIoJNpic.twitter.com/bofsXDu1PI
Hi! I'm Adriana and I've been working for FreightCaviar as Head Writer for a little over a year now. Some of my favorite topics to cover are FreightTech, Green Freight, and nearshoring/reshoring.
Less-than-truckload carrier Yellow Corp. faces a financial crisis, potentially running out of cash by August. The Teamsters union, citing past mismanagement, refuses another bailout.
