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.
William
Management is criminally negligent. They held off on ordering parts to fix the trucks, trailers and forklifts and facilities for 6 months. They stole our pension. Crooks.
Betty Webster
This did not happen overnight the teamsters didn’t do this your execs are so call management did a lousy job of running the operation borrowed money fill their pockets and ran this company in the ground everyone talked to a union member I could not believe for years how th management had change the procedures in every aspect of operations it was doomed from the start they got their paychecks I fel the employees whose pensions are gone how disgusting of poor management
Kevin Rogers
You have to ask yourself, why is ABF thriving with the same work rules,more pay everything pretty much being equal. Two teamster companies one is thriving the other ones driving into a ditch. But it is the Teamsters fault.
Michael A Radatz
Was a Great company to work for. It is sad that the upper management has no excuse for screwing the working man.
Non union companies base there hourly wages on union carriers. I worked for Yellow for 25 years and Holland for 7 years. We gave back 15 percent of our wages to “keep the company from going bankrupt.”
Say what you want but upper management is to blame.
Joe
Why pay just to have a job. I get paid very good to do the same job as them and I don’t have to pay to have it.
androidThai
Seems like an opportunity for a co-op to be established to take over the company
Dan
To the David who says union destroyed a lot jobs, if you know anything about a union you would understand it’s not the union. Go and read up on yellow trucking and see how they bought other trucking companies and destroyed them and sold off their assets. Preston was one of them. When they bought Roadway Express, Roadway had no debt owed. Yellow trucking bought them and started to sell off terminals and consolidate to pay off their debt. Don’t blame the mismanagement of the money on the union. They pissed money away they got from the government. Read up and learn before you talk about something you don’t know.
Julie
The Unions did not destroy Yellow, but nice try. Yellow destroyed Yellow by up level fund mismanagement. The Government even bailed them out and yet they still mismanaged things. This is what you get when a company is Corporate driven like so many are now days. Those at the top stay well off and those below lose what once was a great job!