Trucking company Yellow shuts its doors amid Teamsters union stalemate

Yellow, a 99-year-old corporation employing about 30,000 people, halted operations permanently, according to a report by the Wall Street Journal on Sunday. Of those workers, 22,000 are currently active members of Teamsters.“Teamsters have kept this company afloat for more than a decade through billions of dollars in wage, pension and work-rule concessions,” a Teamsters union spokesman said.

Yellow, prior to its closure, ran about 12,000 trucks moving freight across the U.S. for its large-scale clients, such as Walmart and Home Depot, as well as smaller businesses. The company faced downfalls, however, despite successfully negotiating union concessions and a government bailout, due to issues stemming from delivering consistency among customers and padding investors' profit margins.Yellow's closure leaves a major void in the trucking industry, with some of its former customers having already begun to shift their orders from the nearly-century-old company to its rivals.

As it stands, the U.S. Treasury claims ownership of 30% of Yellow's stock shares, rounding to $.71 as of the close of market on Friday.

Argentina Últimas Noticias, Argentina Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

US trucking company Yellow shuts down operations -WSJYellow , one of the oldest and biggest U.S. trucking businesses, shut down on Sunday, the Wall Street Journal reported.
Fuente: Reuters - 🏆 2. / 97 Leer más »

99-year old trucking company Yellow shuts down, putting 30,000 out of workThe closing is bad news not only for its employees and its customers, who generally used Yellow because it offered some of the cheapest rates in the trucking sector, but also for US taxpayers.
Fuente: mercnews - 🏆 88. / 68 Leer más »

99-year-old trucking company Yellow shuts down, putting 30,000 out of work'This is a sad day for workers and the American freight industry,' said Teamsters President Sean O'Brien as the union has been in a battle with the company.
Fuente: ABC7NY - 🏆 592. / 51 Leer más »