“This Company Is Likely Done”: Yellow Truck Drivers Ponder Next Moves Amid Potential Bankruptcy
23rd July 2023
From the Great Recession to 2020, Yellow nearly went bankrupt four times. In each episode, the trucking giant was saved — thanks to concessions from lenders, the Teamsters union, the federal government or often all three.
As a result, some of Yellow’s 30,000 employees weren’t too scared when the company began warning this summer that the end times were coming again. “It’s like crying wolf at this point,” Yellow mechanic Brian Atchely told FreightWaves earlier this month.
Now — as a strike looms, customers begin to pull freight and the Teamsters union refuses to meet — industry watchers are on alert that the trucking fleet may finally shutter. Ahead of a federal court hearing on Friday, Yellow said a work stoppage could force the company into a Chapter 7 liquidation bankruptcy proceeding.
Truck drivers are grappling with the idea that they could lose their jobs. Some 22,000 Teamsters members work at Yellow.
Look for … the Union label….