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HomeBusinessTrucking Firm Yellow Corporation lays off thousands, faces imminent bankruptcy amidst cash...

Trucking Firm Yellow Corporation lays off thousands, faces imminent bankruptcy amidst cash crunch

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Trucking Firm Yellow Corporation lays off thousands, faces imminent bankruptcy amidst cash crunch

Yellow Corporation (YELL), the third-largest less-than-truckload company in the US, is allegedly grappling with a severe financial crisis that has led to significant layoffs and the looming possibility of bankruptcy. As the company struggles to cope with a cash crunch, it has informed a large number of workers that their employment will be permanently terminated on Friday, July 28, or within 14 days after that date.

The layoffs are affecting non-union employees at all of Yellow’s locations, and this move could immediately impact up to 8,000 members of the company’s sales force, business operations, and technology departments. Additionally, another 22,000 unionized drivers and freight handlers could face unemployment if the company’s financial situation worsens.

The financial situation at Yellow is attributed to its substantial debt of approximately $1.5 billion as of late March. Among its debts is a controversial pandemic-era loan of $729.2 million extended by the federal government in 2020 for national security reasons. However, Yellow’s financial struggles seem to have been a long time in the making, with poor management and strategic decisions dating back to the early 2000s contributing to its current predicament.

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Recent efforts to avoid bankruptcy include Yellow’s talks with multiple parties about selling its third-party logistics organization. However, experts believe that even such a sale would not generate sufficient cash to keep the company operational on a permanent basis without a major equity injection.

The situation has also strained the relationship between Yellow and the Teamsters union, which represents the company’s 22,000 unionized workers. A strike by the Teamsters was averted recently, but the heated exchanges and litigation between the two parties have added to the tension. Despite the ongoing talks, the likelihood of Yellow surviving appears increasingly bleak, and bankruptcy preparations are reportedly underway.

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Customers who rely on Yellow’s services may face challenges if the company goes bankrupt. Prices for shipments could rise, as Yellow has historically offered the cheapest rates compared to other carriers. If customers divert their shipments to other carriers like FedEx or ABF Freight, it could strain capacity and lead to higher costs for those who previously used Yellow’s services.

In the face of uncertainty, Yellow continues to operate its customer service to handle in-transit freight, but the future remains uncertain as the company struggles to find a way out of its financial quagmire.

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