BREAKING: Yellow Corp. Bankruptcy Imminent after Court Loss, Experts Say.
The future of one of the nation's oldest and biggest trucking companies is not looking good after suffering what experts are saying could be the beginning of the end for the company.
Embattled less-than-truckload carrier Yellow Corp. filed an Emergency Motion for a Restraining Order aimed at stopping a planned strike on Monday. The decision to strike was expected after Yellow missed a combined pension payment of nearly $50 million for Teamster workers last week. As a result, Teamster President Sean O'Brien said that Yellow's union workforce, roughly 22,000 truckers would strike as soon as Monday.
Yellow filed the motion for relief on Thursday in the US District Court for the District of Kansas, which was denied by Senior Judge Julie Robinson, according to Freightwaves.com, which allows workers to continue with their planned strike. Freight experts are predicting this might be the end of the company.
Freightwaves CEO Craig Fuller gave a straightforward prediction on what he thinks will happen, via Twitter.
30,000 employees will likely be laid off next week when Yellow, the 3rd largest trucking company in the US, shutters its doors after nearly 100 years.
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) July 21, 2023
RIP Yellow, Roadway, USF, NewPenn
The Teamsters took to Twitter, not to give hope to the 22,000 members who will likely lose their jobs, but rather, it appears to boast about the impending doom.
YELLOW’S DOWNFALL WILL BE MANAGEMENT’S OWN DOING@Yellow_Trucking abandoned workers when it failed to pay $50 million to the Central States Health and Welfare Fund and the Central States Pension Fund. The consequences of this negligence are dire and immediate. #1u pic.twitter.com/qz1ObP3JG7
— Teamsters (@Teamsters) July 21, 2023