77 Mainers laid off in Yellow trucking company bankruptcy
The much-publicized bankruptcy and closing of trucking company Yellow Corp. is costing 77 Mainers their jobs, according to a notice filed with the state Department of Labor.
The Nashville-based company, which employs 30,000 people nationwide, said on Sunday it is seeking Chapter 11 protection in U.S. Bankruptcy Court for the District of Delaware. Yellow previously announced it was shuttering operations after struggling with massive debt and a slow-down in business.
“It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business,” CEO Darren Hawkins said in a statement.
The entire workforce, including 22,000 drivers and other employees represented by the International Brotherhood of Teamsters, is expected to lose their jobs. In Maine, the total includes 64 workers based at a Yellow terminal in Westbrook and 13 in Fairfield, according to a Worker Adjustment and Retraining Notification posted on a state website.
Company officials did not respond to inquiries from Mainebiz about details including the timing of the job terminations.
As the pandemic has waned, trucking businesses including Yellow have seen demand for their services falter. The company's shipments fell 13% in the first quarter compared with a year earlier, according to the most recent earnings statement. At the same time, Yellow has amassed over $1.5 billion in debt.
Most Recent
Most Recent
0 Comments