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 ...
A lot of Yellow trailers are shipped by rail to the main terminals, both the long trailers and the pup trailers
Think UPS, Amazon. Save gas.
If they get the pay raise they threatened to strike for kiss savings good by.
I know a family where one of the sons worked for that company. He was several states away from home when he was told about the whole mess. He called his wife who drove down to a highway rest area and picked him up. From what I was told he never contacted the company and just parked the truck at that rest area for them to try to find.
The CBS News article posted by Par 35 in #49 says that other companies hired the stranded truckers and paid their way back home as part of their sign-on bonus. That was pretty cool.
I traveled a lot for a living in my first five years out of college (on the road 100% of the time, three years western USA and two years international). Fortunately, I always had round-trip tickets. It never occurred to me at the time that a company in severe financial distress could strand its employees in far-off lands.
I believe the company that went belly-up & stranded drivers was Arrow Trucking out of Tulsa. Owned by the Pielsticker family, the son took over & looted the cash flow. It happened around Christmas to really make it tough on the drivers.
“Unions probably contributed to its problems.”
...to say the least. They can learn to code for all I care.
I bought a chair thru Amazon, it was defective as the seat cushion leaned probably due to the foam or springs so I started a return. Office Depot truck had delivered but Amazon wanted me to ship the chair to Texas from Calif at my expense.... about $400!!
I contacted amazon and they agreed it would be better to deliver back to one of the Office Deport stores that were less then 4 miles in different directions from me. They scheduled a pick up from TForce on tuesday between 8:30am and 5pm. No one came or called so I contacted amazon who contacted the other company for a wednesday pickup. No pickup, I repeated this for Thursday, no pick up or call. I contacted amazon again and asked to be sure a pickup is done on friday.
At about 4:30pm the driver called and I missed the call.... I called back around 6pm after checking my phone. The driver spoke with thick Spanish accent. Now scheduled for pickup on monday : )
Good thing I am retired and could wait around all day.
If I knew this would happen I could have delivered the chair back myself.
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