One of the largest trucking companies in the country shut down over the weekend, leaving tens of thousands of people without jobs at the start of the work week.
Yellow employs 30,000 people nationwide including 22,000 union workers. But one worker in Nashville says he arrived at work without hearing anything about the status of his job. In a statement, Teamsters president Sean O'Brien called the news"unfortunate but not surprising." He added Yellow"has historically proven that it could not manage itself despite billions of dollars in worker concessions and hundreds of millions in bailout funding from the federal government.
Regan says Yellow's problems arose decades ago after the company acquired rival companies and put them under one roof. Regan says Yellow's latest setback came from the threat of a union strike over health care benefits when the company missed a $50 million welfare and pension fund payment. Teamsters said they'd strike if Yellow didn't make the payment.