What happens when a Trucking Company gets forced out of business by a Union?
Yellow (Trucking Company) lays off huge swath of workers as embattled 99 year-old trucking firm teeters on brink of bankruptcy
Yellow is saddled with some $1.5 billion in debt as of late March, including $729.2 million owed to the federal government for a controversial pandemic-era loan the Treasury Department extended on national security grounds in 2020.
Earlier this week, Yellow, which had $5.2 billion in revenue last year, narrowly avoided a driver strike by Teamster union members after failing to make a $50 million payment for employee benefits.
Friday, John Murphy, who is the Teamsters National Freight director, advised union employees to collect collect any personal belongings from all offices and terminals, in the case the facilities shutter and become inaccessible.
He wrote that 'the likelihood that Yellow will survive is increasingly bleak' according to a copy of the memo published by FreightWaves.
'Yellow continues to clear its system, and it appears to be laying off personnel and closing entire terminals across the country,' wrote Murphy.
https://www.dailymail.co.uk/news/article-12351889/Yellow-trucking-layoffs-bankruptcy.html