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.
Stevie T
It’s unfortunate David Farrell does not know what he’s talking about the teamsters employees have given up billions of dollars in compensation to help yellow out over the years I am a driver I personally lost $120,000 over the last 10 years hoping that my company Holland would survive. Holland was a a very profitable company with no debt when yellow bought them yellows management was, generous with their top management with generous bonuses and the president of the company said“I have to pay our top management with bonuses to retain them and the company all they retained was bad management $700 million from the government and they could still not turn a profit. If you actually look into it it was the management that killed this company ABF with a record profits TForce with record profits, both union companies, both under the same contract.
Daniel Horner
Every union I have dealt with in my 55 years of being in trucking has gone bankrupt. To name a few Mason Dixson tank lines Preston Trucking Company and more. The greed from the Unions with a mob mentality are to blame. Unions shake down businesses like the mob and the employees are paying dues for them to do it. Hopefully the few remaining companies that are union can survive and the upper level management take a decent realistic look in cost to remain in business. The right to work laws would come into a great use.
Andrew Rutkowski
ALSO MY FRIENDS AT ROADWAY AND HOLLAND SAID YELLOW IS GOING TO CLOSE THERE DOORS TOO. IT WILL BE A SAD DAY FOR ALL MY FAMILY.
Union members
The unions have Not destroyed jobs corporate greed has destroyed people
Anonymous
First off…they got the money from government….like 800,000 dollars from COVID. What did they do with it….they gave the hire-ups A BONUS…..A LOT!! THEY DID NOTHING TOO HELP THE BUSINESS!!! STUPID IDIOTS!!
Tim Gleason
This debacle started with Bill Zollars, he was the absolute worst ! And I was in management! From the purchase of Roadway, US Freightways, Preston, Jevic ,etc , horrible decisions. Then he walks away with a golden parachute and Trump appoints him on the board of the US Postal Service, absurd. !
Israel Gonzalez
The union members sacrificed a lot by giving all they could to keep this company afloat. To bad the company made a lot of poor business decision’s and management made a lot of bad decisions as well.
I DONT BLAME THE UNIÓN OR THE MEMBERS .
Bill Zollars and now Darrell Hawkins and everyone else tied to making poor business decisions are to blame for destroying this company NOT THE UNION!!
Anthony sepulveda
Greed ,teamsters need to go away