Posted on 07/26/2023 5:17:11 PM PDT by george76
Yellow’s senior vice president of sales informed her staff on Wednesday that their last day would be Friday and the less-than-truckload carrier will file bankruptcy on Monday, according to three employees who attended the video call.
Yellow (NASDAQ: YELL) is the third-largest LTL company and employs some 30,000 workers, including around 22,000 Teamsters members. The trucking company had an operating revenue of $5.245 billion in 2022.
The sales employees were approved to tell customers of the bankruptcy plans and to take paid time off for the rest of the week.
In a meeting later Wednesday, according to a video of the meeting viewed by FreightWaves and two employees present, the senior vice president told employees to backtrack on the bankruptcy statement. She said to “correct” any customers that were previously told there would be a bankruptcy and to share the following statement:
“Yellow’s talks with the IBT are ongoing. As previously stated, and in keeping with fiduciary responsibility of the company’s executives, the company continues to prepare for a range of contingencies.”
A Yellow representative shared the same statement when FreightWaves reached out for comment to learn more about the message that the trucking company may file for bankruptcy on Monday.
Yellow’s vice president of technology services also told her team the above statement Wednesday afternoon, according to one Yellow employee. That employee said, previously in the day, their boss advised their team that a bankruptcy could happen at any time and to send out resumes.
The planned demolition continues apace.
Good thing they averted a strike by the 22,000 Teamsters and they get all those benefits and pensions.
There’s a video of a worker who’s been there thirty years screaming that his pension is gone, wiped out.
Unions will eventually turn America into a banana republic. It will happen one company at a time. Pretty sad day for yellow freight but they’ve been bankrupt for 20+ years.
“There’s a video of a worker who’s been there thirty years screaming that his pension is gone, wiped out.”
What are the odds that he voted for Joe Biden.
Let’s Go Brandon! 🖕
Joe Biden bailed out the Teamsters with pension reform, giving them all the money from the unfounded central states pension program. Who is the people of America got screwed
Be interesting to find out, plus how the other employees feel.
Bankers are worse.
The unions are going to get there too late... Our government is going to beat them to it...
“Unions will eventually turn America into a banana republic. It will happen one company at a time. Pretty sad day for yellow freight but they’ve been bankrupt for 20+ years.”
Yep, absolutely.
Pretty cool of the company to tell them ahead of time so they can look for work.
Bankruptcy?? They haven’t got the guts to file bankruptcy!!
BidenDepression 2023
Maybe Spring, 2024
I wonder how many people near the top were affirmative action types.
Maybe he can claw back all those union dues!
I’d say good chance.
I’m not sure, but no way a Teamsters outfit can compete with all the non-union trucking cos out there. It’s somewhat of a miracle they’ve lasted this long.
Now that UPS is going to $50/hour drivers, you’ll see Amazon jump into that biz and the same thing happens to them over the next decade.
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