Trucking giant Yellow collapsed on Sunday, ceasing operations immediately and leaving some 30,000 workers without jobs.
The closure is the biggest in terms of jobs and revenue in the U.S. trucking industry, according to The Wall Street Journal – which first reported its shutdown.
The company, which received $700 million in federal COVID relief funds in 2020, is preparing to file for bankruptcy and is in talks to sell off all or parts of the business.
The nearly 100-year-old firm is known for its competitive pricing and has more than 12,000 trucks shipping freight across the US for brands including Walmart and Home Depot.
Yellow got it’s business by undercutting everyone and running its trucks at a loss in an attempt to monopolize freight. They drove freight prices so low that independent operators were put out of business. Guess they didn’t anticipate a global shipping stoppage.
Just deserts.
AC