Trucking giant (15% of the USA trucking capacity) Yellow’s bankruptcy punches a $5 billion hole in the industry, with 30,000 jobs at stake

Yellow Corp., which hauls about 15% of major companies’ so-called less-than-truckload shipments, ceased operations and told union leaders that it plans to file for bankruptcy

“This development is clearly very positive for the companies that remain open for business,” Amit Mehrotra, an analyst with Deutsche Bank, said Monday in a report.

The Nashville-based company, a conglomeration of short-haul trucking firms bought in recent decades, has struggled with considerable debt.

Yellow has also clashed with the Teamsters, who threatened recently to strike.

Yellow notified union officials of the bankruptcy plans after ceasing operations, according to a statement Monday from the International Brotherhood of Teamsters, jeopardizing a labor force of 30,000 employees that includes 22,000 union workers.

https://fortune.com/2023/07/31/trucking-giant-yellow-bankruptcy-5-billion-30000-jobs/