Posted on 07/26/2023 5:17:11 PM PDT by george76
Yellow’s senior vice president of sales informed her staff on Wednesday that their last day would be Friday and the less-than-truckload carrier will file bankruptcy on Monday, according to three employees who attended the video call.
Yellow (NASDAQ: YELL) is the third-largest LTL company and employs some 30,000 workers, including around 22,000 Teamsters members. The trucking company had an operating revenue of $5.245 billion in 2022.
The sales employees were approved to tell customers of the bankruptcy plans and to take paid time off for the rest of the week.
In a meeting later Wednesday, according to a video of the meeting viewed by FreightWaves and two employees present, the senior vice president told employees to backtrack on the bankruptcy statement. She said to “correct” any customers that were previously told there would be a bankruptcy and to share the following statement:
“Yellow’s talks with the IBT are ongoing. As previously stated, and in keeping with fiduciary responsibility of the company’s executives, the company continues to prepare for a range of contingencies.”
A Yellow representative shared the same statement when FreightWaves reached out for comment to learn more about the message that the trucking company may file for bankruptcy on Monday.
Yellow’s vice president of technology services also told her team the above statement Wednesday afternoon, according to one Yellow employee. That employee said, previously in the day, their boss advised their team that a bankruptcy could happen at any time and to send out resumes.
How do all the assets of a pension fund disappear when a company files for bankruptcy?
They don’t. They get administered by a govt agency called the Pension Benefit Guarantee Corp.
That was true many decades ago...
Old news...
Unions have already, intentionally, helped turn America into a banana republic.
Don’t worry. soon a whole lot of Bidens Illegal Aliens will be doing the job for half price.
I’ll bet their ESG scores were good.
Well that is what I thought.
As someone who has been in the industry for 30 years, this had been a LOOOOOONG time coming. With their continually being bailed out by FedGov, my company even had quite a bit invested in their operation at one time, the unions regularly putting pressure on their bottom line, they should have gone down 7-8 years ago. Sad for all the soon-to-be unemployed workers but, as in all things Democrat controlled, you get what you voted for.
Eventually?
America is already a banana republic. Corrupt electoral system, corrupt political system, corrupt judicial system.
The Pension Benefit Guaranty Corp is to pension funds what the FDIC is to banks. The PBGC is itself bankrupt.
They used it to run the business.
They won’t be unemployed, just a different company issuing a paycheck.
A guy I worked with years ago who handled logistics for the company always avoided using Yellow. He said they were the worst.
America is already a banana republic. Corrupt electoral
system, corrupt political system, corrupt judicial system.
***
Been a long time coming but if one would take a few moments
to reflect upon this land called the USA and follow it’s history
over the years since Columbus sailed the ocean blue in 1492.
Slavery, conscription, females where the home duty workers and the
white male ruled until we had a civil war. After that the skin color rule
began to change, females became more of the process, a civil war in
the 1860s, today whitey is very low on the totem poll.
You get what you bargain for imo. Enjoy as best you can.
“Yellow exec tells sales staff...”
I don’t care if the exec is black, Hispanic, or Native American, putting a DESCRIPTION of him in the headlines shows absolute RACISM on the part of the part of this so-called ‘journalist’.
bankruptcy DIRECTLY induced by dispute with International Brotherhood of Teamsters:
https://www.freightwaves.com/news/the-data-to-watch-if-yellow-shuts-down
just like Studebaker was driven into Chapter 7 by its unions ...
80-90% IMHO
America is already a banana republic. Corrupt electoral system, corrupt political system, corrupt judicial system.
Yes we are.
Dang!
I’ve got a nephew that works for them out in California.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.