Yellow Corp., a long-standing trucking company with a 99-year history and once a dominant player in its industry, has suspended operations, resulting in the layoff of all 30,000 of its workers.

The company has been embroiled in a dispute with the Teamsters union, representing approximately 22,000 drivers and dock workers at Yellow Corp.

Just a week ago, the union called off a potential strike that arose due to the company’s failure to contribute to pension and health insurance plans.

The union had granted Yellow Corp an additional month to fulfill its payment obligations, CNN reported.

However, by the middle of last week, the company ceased picking up freight from customers, only making deliveries of existing freight within its system.

Both the union and Satish Jindel, a trucking industry consultant, confirmed this development.

While the union refrained from going on strike, they were unable to reach a new contract agreement with Yellow Corp, as mentioned in a memo sent to local unions by the Teamsters’ negotiating committee.

The union was informed of the shutdown on Monday.

Teamsters President Sean O’Brien expressed his disappointment, stating that Yellow Corp’s inability to manage itself despite worker concessions and federal bailout funding has resulted in a regrettable day for workers and the American freight industry.

As of now, company officials have not responded to multiple requests for comment on the matter.

Written by staff