The company, which was nearly 100 years old, blamed recent union negotiations, saying it kept the company from making payments and revamping the business.
The company, though, has struggled for decades. In 2020, it received $700 million via a taxpayer-funded loan during the COVID-19 pandemic as part of a federal program to keep businesses afloat through the lockdowns. That loan has been under scrutiny as far back as 2021, when the then Democrat-led House launched an inquiry into the sizable federal payment.
Yellow is also one of multiple shipping companies sued by the federal government for allegedly overcharging the Department of Defense for shipments. “Knowingly overcharging the government is an affront to American taxpayers, and the Department of Justice will seek to ensure that those who engage in such misconduct are held accountable,” Assistant Attorney General Jody Hunt of the Department of Justice’s Civil Division said in a DOJ press release on the matter in 2018.
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CBSNews - 🏆 87. / 68 Read more »