U.S. Trucking Giant Yellow Corp. Filed for Bankruptcy

Yellow Corp., formerly known as YRC Worldwide Inc., a major U.S. trucking company, is expected to file for bankruptcy due to financial difficulties that have plagued the company for years. The company's growth through acquisitions made it the fifth-largest trucking firm and the third-largest less-than-truckload carrier in the nation. In 2020, Yellow received a $700 million pandemic-era loan from the Treasury Department, but a congressional probe criticized the decision due to Yellow's precarious financial position. The company's attempt to address redundancy with the "One Yellow" restructuring initiative faced opposition from the Teamsters union, leading to escalated conflicts and strike threats. As a result, Yellow lost customers, worsening its financial situation and leading to its imminent bankruptcy filing. The Teamsters blamed Yellow's mismanagement, while analysts suggested the union's opposition to restructuring also played a role in the company's downfall.