Yellow has filed for bankruptcy and is closing its business due to mounting debt, including a government loan and a standoff with the Teamsters Union. The 99-year-old trucking company based in Nashville, Tennessee struggled to address the debt accumulated through mergers and a $700 million federal Covid-19 relief loan during the pandemic. On July 30th, Yellow shut down its operations and laid off many workers, resulting in the loss of 30,000 jobs, including 22,000 positions held by Teamsters union members. The bankruptcy filing listed several unsecured creditors, including BNSF Railway, Amazon.com, and Home Depot. The closure of Yellow also has implications for the Central States Pension Fund, a multiemployer pension fund that received a federal bailout.
Be the first to comment