Yellow Corp. Shuts Down, 30K Jobs Lost
Yellow Corp. ends its century-long service, resulting in job losses for 30,000 employees and reflecting a potential industry crisis.
After almost 100 years of service, Yellow Corp., a leading less-than-truckload (LTL) company, has ceased operations. Yellow, which ranks No. 13 on the Transport Topics Top 100 list of largest for-hire carriers in North America, has been grappling with severe financial difficulties. A catastrophic loss of volume due to shippers diverting freight to other LTL carriers, fears of a Teamsters strike, and a crushing debt of at least $1.5 billion have contributed to the company's downfall.
Yellow's shutdown has resulted in immediate job losses for its 30,000 employees and the closure of company-owned properties.
Source: Transport Topics