NJ Spotlight News | Yellow trucking company closes, puts thousands out of work | Season 2023

In our Spotlight on Business Report, one of the nation's largest and oldest trucking companies is shutting down and laying off all 30,000 of its workers.

The 99 year old Yellow Corporation filed for bankruptcy today.

It's considered the largest bankruptcy filing for a trucking company in the history of the U.S. Yellow has had a recent exodus of customers amid years of financial troubles and a battle with the Teamsters Union.

Which represents roughly 22,000 drivers and dock workers there.

Just a week ago, the union canceled a threatened strike after the company failed to make payments to employees pension and health insurance plans.

Yellow is known for cut-rate prices and has thousands of trucks moving freight across the country for companies like Wal-Mart and Home Depot.

The closure comes despite Yellow taking a $700 million federal pandemic loan just three years ago, which now leaves U.S. taxpayers on the hook

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