1934
Ad
related to: Yellow CargoFind Deals on yellow cargo in Mens Shops on Amazon.
Search results
37,648 Freight Forwarders listed. Last Updated or New Listed Cargo Agents. The CargoYellowPages.com aims to be the most accurate and friendly online freight forwarders and cargo moving directory, where companies can promote their services on a global scale.
- Directory
Directory - Cargo Yellow Pages.com
- CargoYellowPages Mobile
Cargoyellowpages, The Mobile Directory Of Freight...
- List With Us
List With Us - Cargo Yellow Pages.com
- Banner Advertising
Banner Advertising - Cargo Yellow Pages.com
- Login
CargoYellowPages Sign In. Forgot your password? Register If...
- GERMANY-Freight Forwarders Cargo Agents Logistics Transport
GERMANY-Freight Forwarders Cargo Agents Logistics Transport...
- Directory
Jul 31, 2023 · Business. The Yellow trucking company meltdown, explained. Updated August 3, 20231:57 PM ET. Emma Bowman. Enlarge this image. Yellow box trailers are seen last month at a terminal in Medley,...
- Overview
- Why is Yellow closing?
- How many employees will be affected?
- What will happen to Yellow's customers?
Yellow Corp., a beleaguered trucking company that was once one of the U.S.' largest transporters of goods, has ceased operations and is planning to file for bankruptcy, the Teamsters Union said in a statement on Monday.
The company had been in operation for nearly 100 years, but its financial challenges snowballed, leading it to accumulate more than $1 billion in debt.
"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," said Teamsters General President Sean M. O'Brien in the statement. "This is a sad day for workers and the American freight industry."
The company received a $700 million government loan during the pandemic, as part of the COVID-19 relief program in 2020.
The shutdown comes after Yellow failed to reorganize and refinance the roughly $1.5 billion dollars it had, as of March, in outstanding debt, a large portion of which came from the $700 million pandemic-era government loan. At the time of the loan, the company was facing charges of defrauding the government by overbilling on shipments for the U.S. military. It ultimately settled the lawsuit and agreed to pay the Defense Department nearly $7 million.
The $729.2 million it now owes the federal government is due in September 2024. Yellow has repaid just $230 million of the principal it owed, in addition to $54.8 million in interest payments, government documents show.
Yellow employed roughly 30,000 people as of the end of 2020, a company filing shows. That figure is likely smaller now after "a large number" of Yellow employees received layoff notices on Friday, the Wall Street Journal reported. Workers who remain at the company could be at risk of losing their jobs as the company moves through the bankruptcy pro...
Some of its largest clients, including retailers Walmart and Home Depot, and logistics platform Uber Freight have already halted shipments to the failing carrier company to prevent goods from being lost or abandoned in the event of bankruptcy, Reuters reported.
As Yellow customers take their shipments to other carriers, like FedEx or ABF Freight, prices will go up for those who remain.
Yellow's prices have historically been the cheapest compared to other carriers, Satish Jindel, president of transportation and logistics firm SJ Consulting, told the Associated Press. "That's why they obviously were not making money," he added.
"While there is capacity with the other LTL carriers to handle the diversions from Yellow, it will come at a high price for (current shippers and customers) of Yellow," Jindel said.
- elizabeth.napolitano@paramount.com
- 21 sec
- Freelance Reporter
Jul 31, 2023 · Trucking company Yellow is shutting down after taking a $700 million federal pandemic loan three years ago. The closure would mean the loss of approximately 30,000 jobs — 22,000 of them...
YRC Freight – The Original LTL Carrier Since 1924. Menu. Info. Customer FAQ; Supplier Information; Employees. Union Employees
People also ask
Is yellow trucking going out of business?
What is YRC Freight?
Is YRC Freight a household name like FedEx?
Will yellow prices go up if shipments go to other carriers?
Aug 1, 2023 · Eric Lagatta. USA TODAY. 0:03. 1:29. Yellow Corp ., one of the largest trucking companies in the United States, has halted its operations and is filing for bankruptcy, according to the...
YRC Freight - The Original LTL Carrier Since 1924
