Yellow Corp. trucks sitting idle at a company facility on July 31 in Hayward, California. Yellow Corp., a once-dominant US trucking company, has filed for bankruptcy as it winds down its 99-year-old business that employs 30,000 workers.The Nashville-based logistics provider announced Sunday it had filed for Chapter 11 relief in the US Bankruptcy Court for the district of Delaware.
The company disclosed a long list of creditors in its court filing, with Amazon , Home Depot and Goodyear Tire & Rubber Company among the top 30 with unsecured claims. But with deregulation of trucking in 1984, the Big Three and other unionized LTL carriers faced greater competition from nonunion carriers. ConsolidatedWhile the nonunion LTL carriers started with a significant cost advantage, repeated concessions by the Teamsters union helped close much of that gap. So did a shortage of drivers nationally, which helped lift wages at the nonunion carriers.
Instead in recent years they have been more focused on services, such as travel and going to sporting events, concerts and eating out. Less money on goods meant less need for trucking. Last month, Yellow missed payments to union pension and health insurance funds, bringing on a threat from the Teamsters that they would go on strike on July 24. At the 11th hour, the union agreed to keep working and to give Yellow another month to make the payments.
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