Posted on 08/07/2023 11:20:43 AM PDT by Kaiser8408a
Bidenomics at work! From the alleged more Pro-Union member of the US Senate and now El Presidente of the United Banana Republics of America.
One of the biggest bankruptcies in US trucking history occurred Sunday when the nation’s third-largest less-than-truckload carrier, Yellow Corp., filed Chapter 11 in a Deleware court. The company has fallen victim to insurmountable debts, including a government loan and tense contract negotiations with the Teamsters Union. It listed assets and liabilities at $1 billion-$10 billion, with more than 100,000 creditors.
“It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business,” said Yellow CEO Darren Hawkins in a statement Sunday.
The Nashville-based company had 30,000 employees nationwide, with the union representing about 22,000 of those employees. Last week, the company notified its labor force about bankruptcy plans.
Hawkins blamed the union for the company’s failure:
“We faced nine months of union intransigence, bullying and deliberately destructive tactics.”
Yellow asked the Delaware court for permission to make payments, including employee wages and benefits, taxes, and certain vendors essential to its businesses.
Much of Yellow’s business halted weeks ago when it stopped making pickups. It axed most non-union employees and closed its yards at the end of July.
For the overall trucking industry, Amit Mehrotra with Deutsche Bank said the collapse of Yellow is “clearly very positive for the companies that remain open for business.” He listed Old Dominion, Saia, CSX, and FedEx among other top picks in the industry.
Yellow shares trading in New York plunged more than 26% on the news. This followed a 781% surge from about 50 cents on July 27 to a high of $4.34 last Thursday.
Bidenomics = missing free markets replaced by the massive Federal foot of idiotic policies.
(Excerpt) Read more at confoundedinterest.net ...
Meh. This was was decades in the making. Incompetent management + teamsters is a bad combination, is how this one looks to me.
Good article here.
Yellow’s demise: 2 decades in the making
Company shuts down, bankruptcy filing expected
https://www.freightwaves.com/news/yellows-demise-2-decades-in-the-making
The Biden campaign is running online podcast ads on Red Eye Radio, a popular conservative overnight show listed to by tons of truckers.
The ads are talking about how many union jobs Biden has created.
These idiots have zero self-awareness
Xiden is pro union.
Unions are anti business
Unions just lost 20,000 jobs
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