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.
Mike
Well maybe the union can buy the company out of bankruptcy and they can own and employ
Bill Koegle
I can almost see AJ Harrell, George Powell III, George Powell Sr. & Roadway’s Rousch Brothers management team (prior to the ill-fated *RDWY / YELL merger) looking at each other all wild-eyed trying to suppress a big “WTF? !”
https://yrc.com/history/
“Back in the day”, I worked at Yellow Freight System for over 10 years.. (’81 – ’93)
Built some great relationships..
• CVE – City Dispatcher
• KCGO – Industrial Engineering Department
• POR – City Operations Manager
This is all so sad.. Seeing it fall apart!
– I remain a poor old boy from *Akron, Ohio
MARVIN
AFTER WHAT THEY DID TO PRESTON TRUCKING, “THE 151 LINE”, AND TO MY FATHER WHO HAD 32 YEARS OF SERVICE THERE, GOOD RIDDENS. IT WAS GREEDY MANAGEMENT THEN, IT’S GREEDY MANAGEMENT NOW. THIS WAS NOT THE TEAMSTERS FAULT. THEY DID NOT WANT TO SEE 22,000 BROTHERS LOSE THEIR JOBS. TO SAY THEY DID IS LUDICROUS. I FEEL FOR ALL OF THOSE MEN AND WOMEN. I’VE WITNESSED THIS BEFORE WITH MY OWN EYES…
Steve Utecht
How many times does the union have to bail yellow out. Last time union cut lots of stuff and gave the company just about everything they asked for. Plus the government gave them 700 millions. Myself I feel bad for all the people that lost all. Yes the drivers we’re paid well. People don’t know what we as drivers have given up. Yes 70 hours work weeks some drivers don’t make it home at all for weeks. How about birthday, holiday’s, anniversaries, and the list goes on. Big brass are paid as well if not better. All the talks of drivers giving back which they did How about the big brass not a word. Did they give back anything. Did they say we can’t take the year end bonuses never heard anything on that. Stop picking on the hard working drivers. Look at the big brass How many millions have they walked away with. Yes seem like nobody knows. Everyone out there it’s not going to be easy but it can’t be done. Yes the wife and I been though this before ourselves. So best wishes to everyone involved from the ceo to janitorial staff drivers with the office workers.
Jim B Bartley
One of the most mismanaged companies finally crumbles. Many factors as to why, many people to blame, INCLUDING the horrible teamster union. Some of that union blame goes to the employees as well. GREED. Union employees are just as greedy as the owners and management. The day of the union is coming to an end, teamsters will be the first to fall. UAW will be right behind them. Eighty grand for a new pickup, really? GREED. I hate to see so many people displaced. Remember guys, TRUMP helped you, Biden wouldn’t even answer the phone. The unions brainwash members to vote democratic, how did that work out for you all?
Anonymous
My husband has 31 years of service and was about to retire next year. The MOU in the last contract and all of its amendments is a “foreign language” to the average person and the union is doing a little to nothing to decipher this language to their hard-working members. From what I can tell yellow has not complied with the MOU in the contract and they should be held liable and they are to blame for all of this, but the union I feel like is giving up on its members
John
Only a matter of time before self driving trucks start being the norm making the teamsters union less powerful… shame on the teamsters for forcing a company to shutdown…
Msmith
The teamsters stood up for the employees. The employees were tired of giving up their pay to bail out a company who pays the is higher ups millions in bonuses all the while taking from the drivers to save the company.