Posted on 07/29/2023 10:28:05 AM PDT by DFG
US trucking firm Yellow has laid off a large number of workers as the company copes with a cash crunch, and is reportedly weighing options including an imminent bankruptcy filing.
The trucking giant on Friday told employees that it is 'shutting down regular operations' and laying off non-union employees 'at all of its locations' according to a memo seen by DailyMail.com.
The layoffs could immediately impact up to 8,000 members of the company's sales force, business operations and technology departments -- and if the company fails, another 22,000 unionized drivers and freight handlers could face unemployment.
Yellow is saddled with some $1.5 billion in debt as of late March, including $729.2 million owed to the federal government for a controversial pandemic-era loan the Treasury Department extended on national security grounds in 2020.
Earlier this week, Yellow, which had $5.2 billion in revenue last year, narrowly avoided a driver strike by Teamster union members after failing to make a $50 million payment for employee benefits.
Footage shared on TikTok shows one Yellow worker angrily shouting after learning his health care benefits and pension payments had ceased.
(Excerpt) Read more at dailymail.co.uk ...
They need to diversify.
Make a craft beer.
Call it “Yellow”
Or maybe he’s an ignoramus who doesn’t know how his own pension system works.
I’d be shocked if anyone’s pension in that company is “gone.” The company stopped making pension contributions recently to stave off insolvency, but the fund itself is still there and probably has billions of dollars in assets in it.
The guy might end up with a reduced pension benefit when this whole thing shakes out, but that’s a far cry from getting nothing.
Makes sense about the fuel cards being rejected, but you’d think the drivers would rather leave the truck at the last truck stop where they couldn’t buy fuel rather than out on the Interstate somewhere.
Or maybe they headed for home and went as far as the remaining fuel would carry them. Then it would cost them less to get home.
This is true. Just another mile marker on America’s highway to hell.
But the economy is booming!
When one of those big companies went out of business a while back, they had to go out and recover trailers from remote areas where the drivers had taken them in an attempt to hold the cargo “hostage” until they got their final paychecks. LOL.
Well said #11. A lot of people simply have no idea what open borders and unlimited legal immigration is doing to this country.
Out on the road, gas card cancelled, no way to get home-they headed for home and got as far as the fuel they had would take them. Upside most of them didn’t vandalize the trucks.
Can’t find a story on it - I may have been thinking of Celadon instead of Consolidated but I’m thinking the one I’m recalling was from earlier. Here’s a story about Celadon that mentions stranded truckers. https://www.cbsnews.com/news/celadon-bankrutpcy-biggest-of-nearly-800-trucking-companies-failures-in-first-three-quarters-of-2019/
Out on the road, gas card cancelled, no way to get home-they headed for home and got as far as the fuel they had would take them. Upside most of them didn’t vandalize the trucks.
Can’t find a story on it - I may have been thinking of Celadon instead of Consolidated but I’m thinking the one I’m recalling was from earlier. Here’s a story about Celadon that mentions stranded truckers. https://www.cbsnews.com/news/celadon-bankrutpcy-biggest-of-nearly-800-trucking-companies-failures-in-first-three-quarters-of-2019/
..........rumor has it that Mitt was seen in Yellow’s headquarters recently............s/
But CNN is likely pro-union and probably wrote a pro-union piece.
Why did the non-union companies succeed? Did they do the same job for less cost? Do union wages increase costs for the consumer?
Lately it seems that unionization slowly but surely leads to going out of business.
Does the union suck because management sucks or does management suck because union suck. Once the spiral of greed on both sides starts it’s over. No one has any ownership or loyalty to the company (workers, managers, cfo/ceo, shareholders..). Can’t fix it.
"In the first three quarters of 2019, nearly 800 carriers went out of business, more than double the count of trucking failures in 2018"Wow, what a failure rate. Further in the article you see how quickly the fleets adjust to changing market conditions...
"In 2018, 310 trucking companies with an average fleet size of nine trucks failed, pulling 2,800 trucks off the road. The 795 companies that pulled the plug in the first three quarters of 2019 averaged 30 trucks, with nearly 24,000 trucks pulled off U.S. roadways."I wonder how badly the ridiculous government over-reaction to COVID clobbered trucking. Pretty bad, I would assume.
I have experienced it. I wasn’t there in the beginning, but I witnessed the crazy.
Both were like petulant children at the top.
The normal people just wanted to work their shift and be left alone.
Nothing makes me more inclined to accomplish nothing than micromanaging by a person incapable of doing my job.
Interrogate me then leave, and I just stare my phone until 1500 hours.
Now I’m remote, non union, and have metrics to attain.
I always beat my metrics, but not by much. I could do more, but why?
I won’t get a penny more and could make my teammates look bad.
Been there also. Had a job in union plant (non-union). Was taken to room full of banker boxes, asked to get them moved to another room. 2 guys just sitting in the room. I didn’t know better so I took all day and moved them. End of day got a grievance but not till the job was done. You get the point. I had no idea people worked that way.
“Does the union suck because management sucks or does management suck because union suck.”
Did that $729 million of taxpayer money go to corporate or did your $729 million go to the union?
It was eye opening.
The difference from USAF to Philly union job is wide.
And far too many of those are heavily invested in Blackrock and Vanguard.
My guess is both got their hands on it.
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