Been struggling for years - 30,000 employees and 12,000 trucks
Yellow, once one of America’s dominant shipping companies, intends to file for bankruptcy, said the Teamsters union, which represents employees of the firm. The filing would come after Yellow failed to reorganize and refinance more than a billion dollars in debt.
The company, whose customers included Walmart and Home Depot, has been financially imperiled for years.
It was only just over a year ago that there was a shortage of drivers - post covid catchup presumably. Now there is a ‘freight recession’
Because they force the company to follow laws such as all truckers must take a break. Now if the union wasn’t there the companies could break the law and we all could get our golf clubs faster, although there might be many more wrecks and that could slow down the supply chain.
The foundation of the “Supply side” nonsense is that the “JCs” should have all the money. Employees having the nerve to demand to be paid for their work, takes money away from the “JCs”. Taking money away from the “JCs”, by definition, hurts the economy.
Yellow declared bankruptcy in July. I missed this announcement in October:
Digital freight broker Convoy told employees Thursday that it’s shutting down operations due to a “massive freight recession.” The move comes just one week after supply chain software startup Flexport said it will lay off about 20% of its own workforce.
Seattle-based Convoy was founded to disrupt the fragmented, low-tech freight brokerage business, in which truckers and customers connected by phone and fax. Before this week, the company had about 500 employees.
