Yellow Corp. Financial Crisis; Teamsters Refuse Another Bailout
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.
Yellow Corp., the less-than-truckload carrier, is reported to be out of cash by August, unless a proposed change of operations gets approved. However, the Teamsters union, asserting years of company mismanagement, refuses to bail out Yellow again. Yellow had previously received billions from the union and a $700 million COVID-relief loan from the government. The proposed changes would allow Yellow to expand purchased transportation and alter work rules, which the union claims violate the current contract.
Teamsters brass said that less-than-truckload carrier Yellow Corp. informed them it will be out of money by August if a proposed change of operations isn’t approved. The union says Yellow has been mismanaged for years and vows to not bail it out again.https://t.co/Cx28ncjNPv
The US labor market is showing signs of stabilization as the rate of voluntary job quitting approaches pre-pandemic levels and employers implement better retention strategies.
