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Trucker Yellow Corp. (NASDAQ:YELL) has sent out notices to customers and employees saying it has ceased all operations, and the Teamsters union said the company notified the union it intends to file for bankruptcy, The Wall Street Journal reported Sunday.
A failure would imperil nearly 30K jobs, including ~22K Teamsters members, after hundreds of Yellow’s (YELL) non-union employees were laid off Friday as the company stopped taking in new shipments from customers.
Customers say disruptions should be limited, according to the report, after many shifted their cargoes to rivals in recent weeks, hastening Yellow’s (YELL) demise.
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