{"id":1987126,"date":"2023-07-31T17:39:02","date_gmt":"2023-07-31T21:39:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/large-trucking-company-reportedly-shutting-down-after-99-years-costing-up-to-30000-jobs\/"},"modified":"2023-07-31T17:41:45","modified_gmt":"2023-07-31T21:41:45","slug":"large-trucking-company-reportedly-shutting-down-after-99-years-costing-up-to-30000-jobs","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/large-trucking-company-reportedly-shutting-down-after-99-years-costing-up-to-30000-jobs\/","title":{"rendered":"Major trucking company to close after nearly a century, leaving 30,000 jobless."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Flarge-trucking-company-reportedly-shutting-down-after-99-years-costing-up-to-30000-jobs%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1987126&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Trucking Giant Yellow Files for Bankruptcy, Putting 30,000 Jobs at Risk<\/h2>\n<p><span style=\"font-weight: 400\">Yellow, a trucking company with a rich 99-year history, is set \u200bto file for bankruptcy, \u2063resulting in the potential loss of up\u2063 to 30,000 jobs, according to the company&#8217;s union.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Founded in 1924 in Oklahoma, Yellow has\u2064 been grappling with debt in recent years. During the COVID pandemic, the company \u200btook approximately \u200c$700 million in loans from the \u200dfederal government, as reported by the\u2063 <a href=\"https:\/\/www.wsj.com\/articles\/the-fall-of-a-trucking-giant-why-yellow-is-on-the-verge-of-collapse-3724f662\" target=\"_blank\" rel=\"noopener\">Wall Street Journal<\/a>.<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400\">&#8220;Today&#8217;s news is unfortunate but not surprising. Yellow has historically proven that it could not manage itself \u200ddespite billions of dollars in worker\u2062 concessions and hundreds of millions in \u200dbailout funding\u200b from the federal government.\u2064 This is a sad day for workers and the American freight \u2062industry,&#8221; said Teamsters General President Sean \u200bM. O&#8217;Brien.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">In a company notice obtained by the Wall\u2064 Street \u200bJournal, \u2063Yellow <a href=\"https:\/\/www.wsj.com\/articles\/trucker-yellow-lays-off-a-swath-of-workforce-2297e8b2?mod=article_inline\" target=\"_blank\" rel=\"noopener\">announced<\/a> the closure of its regular\u200c operations on July 28, 2023, resulting in layoffs across all locations.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Already, hundreds of workers have\u200d been \u2064laid off,\u200d and thousands more face unemployment if the company \u2064officially files for bankruptcy, \u200bwhich is widely expected. Forbes reports that Yellow&#8217;s first-quarter debt was $1.47 billion, while \u200bits\u200c assets amounted to just $806 million.<\/span><\/p>\n<p><span style=\"font-weight: 400\">With a fleet of approximately 12,000 trucks, Yellow played a crucial role in \u2063transporting freight for major\u2063 companies\u2063 like Home Depot and Walmart, as highlighted by the Journal.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Union leadership has strongly\u200d criticized the\u2063 company&#8217;s management, placing much \u2064of the blame on \u2062them for the financial troubles. &#8220;Teamsters\u2063 have kept this company afloat for more than a decade through billions of dollars in wage, pension, and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trucking-company-yellow-shuts-its-doors-amid-teamsters-union-stalemate\/\" title=\"Yellow trucking company closes due to ongoing dispute with Teamsters union.\">work-rule concessions<\/a>. \u200bYellow couldn&#8217;t manage itself, \u200band it wasn&#8217;t up to \u2064Teamsters to do it for them,&#8221; said a union spokesman.<\/span><\/p>\n<p><b><a href=\"https:\/\/onelink.to\/dwapp\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"sk-tooltip-9096\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/onelink.to\/dwapp&#038;source=gmail&#038;ust=1690455510071000&#038;usg=AOvVaw0zc8zwWGoXeRzcNJLiJVWI\">CLICK HERE TO GET THE DAILYWIRE+ APP<\/a><\/b><\/p>\n<p><span style=\"font-weight: 400\">This isn&#8217;t \u2063the first\u200c time Yellow has faced bankruptcy. In 2009, the\u200c company nearly collapsed but managed to survive after <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/large-trucking-company-reportedly-shutting-down-after-99-years-costing-up-to-30000-jobs\/\" title=\"Major trucking company to close after nearly a century, leaving 30,000 jobless.\">employees accepted \u200dwage cuts<\/a> and a $470 million debt-for-equity deal was negotiated.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The federal loans provided to Yellow \u2062during the\u200d COVID pandemic \u2064have faced\u2064 significant criticism. \u200bA congressional oversight <a href=\"https:\/\/coc.senate.gov\/wp-content\/uploads\/2023\/06\/2023-06-27-Yellow-Report-final.pdf\" target=\"_blank\" rel=\"noopener\">report<\/a> stated that the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/we-got-it-newsmax-reporter-emerald-robinson-national-security-source-confirms-a-piece-of-hardware-has-been-secured-in-germany\/\" title=\"We Got It! - Newsmax Reporter Emerald Robinson: National Security Source Confirms \"A Piece of Hardware Has Been Secured\" in Germany\">national security<\/a> loan program, although well-intentioned, turned into an \u2063unnecessary taxpayer\u200c bailout for financially struggling businesses like Yellow, \u2062which \u2062were\u2062 not critical to national security.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yellow, a trucking company with a 99-year history, plans to declare bankruptcy, resulting in the loss of 30,000 jobs. The Oklahoma-based company, established in 1924, has faced financial challenges, accumulating around $700 million in federal loans to manage its debt.<\/p>\n","protected":false},"author":200,"featured_media":1987127,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1987126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1987126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/200"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1987126"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1987126\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1987127"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1987126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1987126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1987126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}