Trucking company Yellow, which has operated for nearly 100 years and is one of the largest freight companies in the United States and the world, shuttered its doors on Friday after it failed to reach a new labor deal with the Teamsters. The decision means that around 30,000 workers have been laid off, and further ripple effects are expected across the US economy.
Yellow Transit Freight Lines was founded in 1929 by the same brothers who formed the Yellow cab company. Through growth and acquisitions, the company became one of the largest carriers of freight in the world; however, in recent years it has been beset by a series of financial hardships. The company received a $730 million loan from the government during the pandemic in exchange for a 30% equity stake in the company that is now owned by the federal government. The company is expected to enter bankruptcy […]
Read the Whole Article From the Source: www.theblaze.com
