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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
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Less-than-truckload carrier, Yellow Corp., has filed a $137 million lawsuit against the Teamsters union amid a severe financial crisis.
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