Yellow, the 99-year-old trucking company, filed for bankruptcy and is closing the business, falling victim to mounting debt including a government loan and a standoff with the Teamsters union.
The bankruptcy follows years of struggles for the Nashville, Tenn.-based trucker as it tried to address the debt it accumulated through a series of mergers and a $700 million federal Covid-19 relief loan during the pandemic. On July 30, the company shut down its operations and laid off a large number of workers.
“It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business,” Chief Executive Darren Hawkins said in announcing the filing for chapter 11 bankruptcy protection late Sunday in U.S. Bankruptcy Court in Delaware.
The closure means the loss of 30,000 jobs, including 22,000 positions held by the members of the International Brotherhood of Teamsters. ... Read More: WSJ