Less-than-truckload carrier Yellow Corp. ceased all operations at 12 p.m. Sunday, according to a notice on the gates at its terminals.
Separate internal documents showed the procedures for closing the facilities as well as “talking points” to be used when informing union employees not to show up for their shifts. The documents indicated the company plans to issue a public statement Monday updating “the state of the company and the operation.”
On Friday, Yellow (NASDAQ: YELL) laid off most of its nonunion employees in areas like customer service, information technology and sales. The company stopped making pickups earlier in the week and has been delivering the remaining freight in its network ahead of what appears to be a permanent closure.
After months of negotiations with its Teamsters workforce, the carrier has been unable to reach terms over proposed operational changes it has said were required for its survival. In a breach of contract lawsuit filed last month regarding the matter, the company said it could be out of cash as soon as mid-July.
Most are expecting Yellow to announce it will file for bankruptcy Monday.
Representatives from Yellow had not commented by the time of this publication.
Brian D Cappel
2009 William Zollar’s CEO of Yellow persuaded BOD to pay 58$ a share for Roadway Corp. That started the downfall of 2 great companies. Hope your philanthropy causes are doing great guns Bill. This is on you sir.
dave
unbelievable.. My first ever job in trucking was a yard switcher for Yellow in Ohio. I worked for 2 months until they found out I wasn’t old enough to work there. The good old days.
Deborah M Moore
I’m a Yellow driver in Tracy ca. I drove by the terminal today just to see what was going on and there were three cars in the employee parking lot and the entrance and exit gates for the trucks were blocked by trailers. They screwed us !!!!
Bradley
Not “pro union” by any means, but I do sympathize with the argument that they can’t keep giving. On the other hand, I’m also not sure I believe that either side was truly negotiating in good faith. Seems like bringing down an entire company to prove a point isn’t really winning. I will say I can’t help but think a lot of the union hands will be in for a culture shock once they hire on with a non-union company. If the non-union companies will hire them. Also makes me think, with only a couple of union lines left, if maybe the union isn’t the partner LTL companies are wanting or needing these days?
Robert Gagnon
Why did MFN partners buy $12 million worth of stock this week of yellow that’s more than 10% of the company?
Robert gagnon
Sorry I typed wrong email
R-gagnon@att.net
Robert gagnon
Why did MNF partners by $12 million worth of stock this week and yellow, which is more than 10% of the company stock??
Sue
Months of negotiations? What??? The contract isn’t even up until March of 24! What did y’all do with the 700 million bailout from Biden admin????