One of the most prominent names in US short-haul trucking is poised to fade away, leaving billions of dollars in business up for grabs in a weakened freight market.
The collapse of Yellow punctuates a sharp decline for the US freight market coming out of the pandemic, as shifting consumer habits have weighed on e-commerce shipments and caused industrial production to decline for a second month in June. Yet analysts and industry leaders say Yellow’s problems are due more to preexisting problems rather than industry dynamics.
Yellow’s shares nearly doubled at 2:50 p.m. in a volatile trading session Monday in New York, giving it a market value of about $72 million. The company last year had revenue of $5.2 billion. Lee Klaskow, a transportation and logistics analyst with Bloomberg Intelligence, cited Old Dominion and XPO Inc. as possible beneficiaries if they can pick up some of Yellow’s shipments.
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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.
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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.
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