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Yellow Logistics Layoffs Amid Possible Bankruptcy
Large-scale layoffs hit Yellow Logistics employees amidst rumors of impending bankruptcy. A potential lifeline from Apollo is being discussed.
Employees at Yellow Logistics, an independent subsidiary of Yellow Corp, have been caught in a whirlwind of job terminations as part of widespread layoffs within the company.
One employee spoke of the sudden notice for a company-wide conference call during which they were informed of the company's financial incapacity to continue operations and consequent employee terminations. The layoffs reportedly affected a total of 100 to 150 people, including managers.
Amidst this uncertainty, reports indicate that Yellow is close to securing debtor-in-possession financing from Apollo Global Management. This move would place the investment firm in a position to reclaim Yellow’s outstanding debt of $1.5 billion in a potential liquidation scenario.