Yellow Corp. is shutting down, informing the Teamsters Union that it’s submitting for chapter.
Yellow was based almost 100 years in the past and employs some 30,000 employees. The corporate has skilled numerous setbacks of late, together with authorized wrangling with the Teamsters.
The corporate sued the union for greater than $137 million in late June, claiming it was blocking the corporate from modernizing as a part of its effort to compete with non-union firms. A decide in Kansas denied the corporate’s movement on jurisdictional grounds in late July. Though Yellow mentioned it deliberate to proceed its authorized motion, it has now knowledgeable the Teamsters that it’s shutting down and pursuing chapter.
“Right now’s information is unlucky however not shocking. Yellow has traditionally confirmed that it couldn’t handle itself regardless of billions of {dollars} in employee concessions and a whole lot of hundreds of thousands in bailout funding from the federal authorities. It is a unhappy day for employees and the American freight trade,” mentioned Teamsters Normal President Sean M. O’Brien.
