Yellow Corp. CEO Darren Hawkins notes the importance of union negotiations to avoid economic disruption.
Weeks prior to Yellow's shutdown, the company's representatives warned bankruptcy would be inevitable unless it reached a deal with the Teamsters with regard to that second phase.was "unjustifiably blocking" its modernization plans. Then in July, the company notified the Central States Welfare and Pension funds that it would not be making its $50 million required payment, leading the Teamsters to threaten to strike.
But the Teamsters union said the company's demise was of its own making. The union announced Monday that it was notified Yellow was ceasing operations and filing for bankruptcy.