Yellow, one of the nation’s largest freight carriers, is reportedly shutting down, according to the Teamsters union. The company is expected to file for bankruptcy due to a recent loss of customers and ongoing financial troubles. The shutdown could result in the loss of 30,000 jobs, making it the largest trucking bankruptcy in US history. Yellow, formerly known as YRC Worldwide, is the third-largest less-than-truckload carrier by revenue. The company has not publicly announced any plans for bankruptcy or shutdown, but employees have been told to prepare for a possible shutdown. The recent threat of a strike by the Teamsters led to a significant drop in Yellow’s freight volume, and the loss of customers to rival carriers. The company has been at risk of bankruptcy for years, with tensions between Yellow and the Teamsters growing. Yellow received a $700 million federal loan in 2020 as part of a COVID-19 rescue package, but its financial problems have persisted. The closure of Yellow could lead to higher shipping rates for retailers and manufacturers, though other carriers are expected to absorb its business without causing a supply chain crisis.
Decoding the Yellow Trucking Crisis: A Comprehensive Explanation by NPR
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