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99-year-old trucking company Yellow shuts down, putting 30,000 out of work | CNN Business

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Yellow Corp., a 99-year-old trucking company that was once a dominant player in its field, has halted operations and will lay off all 30,000 of its workers.

The unionized company has been in a battle with the Teamsters union, which represents about 22,000 drivers and dock workers at the company. Just a week ago the union canceled a threatened strike that had been prompted by the company failing to contribute to its pension and health insurance plans. The union granted the company an extra month to make the required payments.

It bumped up 14 cents a share on Friday, but still remained a so-called penny stock. The company had received that loan during the pandemic, despite the fact that at the time it was facing charges of defrauding the government by overbilling on shipments of items for the US military. The company eventually settled the dispute without admitting wrongdoing but was forced to pay a $6.85 million fine.

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Trucking company Yellow Corp. is reportedly preparing for bankruptcy. Here's what you need to knowAfter nearly 100 years in business, Yellow Corp., one of the county's largest trucking companies, is expected to declare bankruptcy in a decision that would impact about 30,000 employees nationwide.
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