We sat down with Jonathan Kolb, Founder of OBC ONE, to explore the high-stakes, hand-delivered world of onboard couriers where packages fly 8,000 miles and delays can cost millions. Plus: our featured carrier of the week.
Plus: Strait of Hormuz tensions, Senate pushes English tests for CDL drivers, Craig Fuller slams FourKites’ CEO, and more in today’s newsletter.
Craig Fuller clarifies that his comments on Project44’s Movement platform were misrepresented by FourKites CEO Matt Elenjickal
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.
Source: FreightWaves
Employees at Yellow Logistics confirmed to FreightWaves they were terminated Tuesday as part of widespread layoffs at the independent subsidiary of Yellow Corp. But whether this was tied to an actual shutdown of the 3PL was not clear Tuesday night.https://t.co/4XYclgD1Ek
— FreightWaves (@FreightWaves) August 2, 2023
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.
GLS Group divests US freight divisions to DC Logistics, focusing on parcel services. Deal closes Sept. 1, 2024. DC aims for top 20 LTL carrier status.
Here are the latest trends in LTL and how they could impact your business.
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