Trucking giant Yellow declares bankruptcy after getting $700M in government loans

Trucking company Yellow Corp. has declared bankruptcy after years of financial struggles and growing debt, marking a significant shift for the U.S. transportation industry and shippers nationwide.

Yellow fell into severe financial stress after a long stretch of poor management and strategic decisions dating back decades.filed for bankruptcy protection and liquidatedFormer Yellow customers and shippers may face higher prices as they take their business to competitors, including FedEx or ABF Freight, experts say — noting Yellow historically offered the cheapest price points in the industry.

The Teamsters, which represented Yellow’s 22,000 unionized workers, said last week that the company gave legal notice for a bankruptcy filing and shut down operations in late July following layoffs of hundreds of nonunion employees. Yellow blamed the nine-month talks for the demise of the company, saying it was unable to institute a new business plan to modernize operations and make it more competitive during that time.

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