- Financial Survival Network
- Posts
- Yellow Files for Bankruptcy and Liquidation. CEO Blames Teamsters in Stunning Detailed Announcement
Yellow Files for Bankruptcy and Liquidation. CEO Blames Teamsters in Stunning Detailed Announcement
by Wolf Richter Wolf Street
“All workers and employers should take note of our experience with the International Brotherhood of Teamsters and worry.”
Yellow Corporation, formerly YRC Worldwide and formerly one of the largest truckers in the US with 30,000 employees and 12,000 trucks, filed for Chapter 11 bankruptcy protection and said that it will liquidate, three years after having received a $700-million taxpayer bailout in July 2020 that has been condemned in maddening detail by the Congressional Oversight Commission.
On July 28, it told employees that it would shut down and laid off its non-union employees. It then also laid off 22,000 employees who are members of the International Brotherhood of Teamsters. Many drivers and other employees are likely to get hired by other trucking companies.