'This is a sad day for workers and the American freight industry,' said Teamsters President Sean O'Brien as the union has been in a battle with the company.
Yellow Corp., a 99-year-old trucking company that was once a dominant player in its field, halted operations and will layoff 30,000 workers.Yellow Corp., a 99-year-old trucking company that was once a dominant player in its field, halted operations Sunday and will layoff all 30,000 of its workers.
But by midweek last week, the company had stopped picking up freight from its customers and was making deliveries only of freight already in its system, according to both the union and Satish Jindel, a trucking industry consultant. "Today's news is unfortunate but not surprising. Yellow has historically proven that it could not manage itself despite billions of dollars in worker concessions and hundreds of millions in bailout funding from the federal government. This is a sad day for workers and the American freight industry," said Teamsters President Sean O'Brien in a statement.
Yellow's stock lost 82% of its value between the time of that loan and Thursday close after reports of the bankruptcy plans, closing at only 57 cents a share. It bumped up 14 cents a share on Friday, but still remained a so-called penny stock.
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