Yellow Corp. files for bankruptcy protection, blames Teamsters
Yellow Corp. on Sunday filed its much anticipated petitions for relief under Chapter 11 bankruptcy protection, blaming the Teamsters union for its demise.
The company will wind down operations and has signed a debtor-in-possession financing facility to provide the liquidity needed to support the business through the bankruptcy.
“It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business,” said Yellow’s CEO, Darren Hawkins. “Today, it is not common for someone to work at one company for 20, 30, or even 40 years, yet many at Yellow did. For generations, Yellow provided hundreds of thousands of Americans with solid, good-paying jobs and fulfilling careers.”
The company employed about 30,000 people, about 22,000 of whom were Teamsters.
“All workers and employers should take note of our experience with the International Brotherhood of Teamsters (IBT) and worry,” said Hawkins. “We faced nine months of union intransigence, bullying and deliberately destructive tactics. A company has the right to manage its own operations, but as we have experienced, IBT leadership was able to halt our business plan, literally driving our company out of business, despite every effort to work with them.”
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.
-
I agree management is a big problem with some of these trucking companies… but they qwick at blaming the drivers !
-
The union is the problem!! Read the history, watch what happens out there… 36 years of doing this stuff, and every time I see a union coming, I run!! Because, the trucking company will be closing its doors, sooner than later. Time and time again I have seen it.
It is a free country, and you can feel free to join up, I just do not want to hear the crying when you lose your job, and your pension because of union greed and corruption!!
Good luck!!
Management at Yellow Freight got a $700 million USD bailout during COVID . Management went out and aquired 2 more freight companies but never paid their bills and on top of that asked the Teamsters for wage, pension and benifit cuts. This is all poor management .
So you owned the the union pension fund over $50,000 yet you’re still paying your executives and shareholders money or you blame the union. Typical you have missed manage this company for years and years and now you wanna blame the union. This company went under because of poor management end of conversation.
I’ve said many many times that unions destroy companies because they’re greedy and think they own you while it’s ppl try hard not to work and want more pay. All of a companies profits isn’t supposed to go to them. They’re never satisfied I myself tilt my hat to yellow for saying enough. I bet now they wish they had that job back. Union members are ungrateful and lazy. All my experience with union members was always…they want to get paid for being and doing nothing there’s always issues with them. So let them form their own company and stop bullying everyone else.
Out of a job yet?? Keep supporting unions and you will be. They had their place many years ago but have long out lived their usefulness.
The union was not the problem. It was management and the freight L T L market
This just increased the surpluses of truck drivers and force wages lower