Teamsters say trucking giant Yellow Corp. is ceasing operations, filing for bankruptcy

Yellow Corp
A Yellow Corp. truck pulls into a YRC Freight facility Friday, July 28, 2023, in Richfield, Ohio. After years of financial struggles, Yellow is reportedly preparing for bankruptcy and seeing customers leave in large numbers — heightening risk for future liquidation. (AP Photo/Sue Ogrocki)

The Associated Press

NEW YORK (AP) – Troubled trucking company Yellow Corp. is shutting down and filing for bankruptcy, the Teamsters said Monday.

An official backruptcy filing is expected any day for Yellow, after years of financial struggles and growing debt. Its impending liquidation marks a significant shift for the U.S. transportation industry and shippers nationwide.

The company’s collapse arrives just three years after Yellow, formerly known as YRC Worldwide Inc., received $700 million in pandemic-era loans from the federal government.

But the company was in financial trouble long before that – with industry analysts pointing to poor management and strategic decisions dating back decades.

Read the full story on AP News right here.

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7/31/2023 4:35:24 PM (GMT -5:00)

Categories: Regional and US News