Strike at trucking firm Yellow averted after deal

[Eugene]

Source: Reuters

Strike at trucking firm Yellow averted after deal

Reuters
July 23, 2023 5:38 PM EDT Updated 4 hours ago

July 23 (Reuters) - U.S. trucking firm Yellow (YELL.O) averted a threatened strike by 22,000 Teamsters-represented workers on Sunday, saying the company will pay the more than $50 million it owed in worker benefits and pension accruals.

"Agreement by the Central States at the urging of the Teamsters gives Yellow 30 days to pay its bills with the understanding the company will do so within the next two weeks," Teamsters union said on Sunday.

Yellow is the third-biggest U.S. trucking company specializing in the less-than-truckload segment that combines shipments from different customers in the same trailer.

Its customers include large retailers like Walmart (WMT.N) and Home Depot (HD.N), manufacturers and Uber Freight, some of which have paused cargo shipments to the company for fear those goods could be lost or stranded if the carrier goes bankrupt.

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Read more: https://www.reuters.com/business/autos-transportation/strike-trucking-firm-yellow-averted-after-deal-2023-07-23/

Non-paywalled link: https://news.yahoo.com/strike-trucking-firm-yellow-averted-213838076.html

[OAITW r.2.0]

1. Cool, mangement got it.

[MontanaMama]

2. So I have a few things to say about Yellow, Reddaway, YRC etc.

I’m glad the strike was averted because my small business has at least four shipments right now in their hands bound for other small businesses. Four doesn’t sound like a lot unless you are the one answering the phone (me) or one of my customers that needs my product. That said, Yellow, Reddaway, YRC, Holland is the WORST and most unethical shipping company I’ve ever dealt with. The article below will tell you a little more about their shenanigans to defraud small businesses out of money…. But at the end of the day, they stole PPP money that they will never pay back because they work for DOD and Homeland Security. YRC, Reddaway, Holland STOLE from the US Taxpayer. I’m a taxpayer and a small business owner. These guys piss me off.

https://reason.com/2023/06/28/trucking-company-careening-toward-bankruptcy-could-default-on-700-million-federal-bailout-loan/

[moniss]

3. Just imagine the size of the bonuses etc.

the big shots got when they got that huge bailout from the taxpayers. They knew they were heading for bankruptcy and were never going to pay it back. Good chance they will file the bankruptcy before making good on the promise to pay what they just agreed to.