Saturday , June 22 2024

Yellow Corp. closes down

Yellow Corp., one of the largest freight-hauling operations in the United States, has shut down and will file for bankruptcy.

The 99-year-old Nashville-based company shut down all operations Sunday and laid off 30,000 employees, according to multiple reports.

Teamsters Union officials said they were told of Yellow Corp.’s plans on July 31. No bankruptcy papers have been filed.

Yellow Corp. was approximately $1.5 billion in debt despite having received a $700 federal bailout during the pandemic. The company was accused of defrauding the government by overbilling on U.S. military shipments, according to the reports.

 

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