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Thursday, February 22, 2024

US trucking company Yellow shuts down operations -WSJ

US trucking company Yellow shuts down operations -WSJ
© Reuters.

(Reuters) -U.S. trucking firm Yellow ceased all operations on Sunday, the Wall Street Journal said citing notices sent to customers and employees.

The Wall Street Journal reported last week the Nashville, Tennessee-based company is preparing to file for bankruptcy and has laid off a large number of workers.

Earlier this month Yellow averted a threatened strike by 22,000 Teamsters-represented workers, saying the company will pay the more than $50 million it owed in worker benefits and pension accruals.

Yellow did not immediately respond to a Reuters’ request for comment.

The company said on Thursday it is exploring opportunities to divest its third party logistics company Yellow Logistics Inc, and is engaged with multiple interested parties.

Source: Investing.com

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