99-year-old trucking company Yellow shuts down, putting 30,000 out of work

NEWS, ONE OF THE BIGGEST TRUCKING COMPANIES IN THE US IS SHUTTING DOWN AND THAT COULD IMPACT YOUR DELIVERY FEES. TRUCKING COMPANY YELLOW HAS A PRESENCE HERE IN THE BAY AREA. ABC SEVEN NEWS REPORTER GLORIA RODRIGUEZ JOINING US LIVE IN THE NEWSROOM WITH THE ANNOUNCEMENT MADE OVERNIGHT. GLORIA, GOOD MORNING. >> COOMASSIE YELLOW TRUCKING COMPANY HAS ALREADY SHUT DOWN OPERATIONS AND THEY'RE EXPECTED TO FILE FOR BANKRUPTCY AS EARLY AS TODAY. THEY DO A TON OF SHIPPING FOR PLACES LIKE WALMART AND HOME DEPOT. WE HAVE BRAND NEW FOOTAGE FROM THE HAYWARD LOCATION THIS MORNING. THERE IS A SIGN UP AT THE GATE SAYING THAT ALL OF THEIR OPERATIONS HAVE STOPPED. YELLOW TRUCKING HAS NEARLY 30,000 EMPLOYEES AND MORE THAN 12,000 TRUCKS. IT'S NEARLY A CENTURY OLD. THE GOVERNMENT GAVE YELLOW A $700 MILLION COVID RELIEF LOAN, THREE YEARS AGO TO KEEP THEM FUNCTIONING. AND NOW THEY'RE EXPECTED TO BE THE LARGEST TRUCKING BANKRUPTCY IN US HISTORY. YELLOW CORPORATION HAS BLAMED ITS BATTLE WITH THE UNION FOR ITS FINANCIAL PROBLEMS. THE COMPANY POSTING A VIDEO ON ITS YOUTUBE PAGE LAST MONTH WITH THE CEO ADDRESSING THE ISSUE. >> WE ARE NOW FIGHTING FOR THE LIVELIHOOD OF OUR 30,000 EMPLOYEES. WE WILL DO ALL WE CAN TO SAVE THESE AMERICAN JOBS. >> THE INTERNATIONAL BROTHERHOOD OF TEAMSTERS UNION PUTTING OUT A STATEMENT SAYING IN PART, YELLOW HAS HISTORICALLY PROVEN THAT IT COULD NOT MANAGE ITSELF DESPITE BILLIONS OF DOLLARS IN WORKER CONCESSIONS AND HUNDREDS OF MILLIONS IN BAILOUT FUNDING FROM THE FEDERAL GOVERNMENT. THIS IS A SAD DAY FOR WORKERS AND THE AMERICAN FREIGHT INDUSTRY, AND THIS COULD MEAN THAT DELIVERY COSTS WILL LIKELY GO UP AS OTHER TRUCKING COMPANIES TRY TO PICK UP THE SLACK

Channel: ABC7 News Bay Area

Views: 14,277

Keywords: news, abc, abc7news, Yelllow corp, yellow trucking, freight, Teamsters union, trucking layoffs, yellow corp bankruptcy, 30, 000 workers laid off

Id: U-EWKxyMBnY

Length: 1min 51sec (111 seconds)

Published: Mon Jul 31 2023