Some 30,000 workers at Yellow Corp were looking for jobs on Monday after the major trucking company filed for Chapter 11 bankruptcy protection. The nearly 100-year-old company, which halted operations on July 30, has been a dominant player in the "less-than-truckload" segment that hauls cargo for multiple customers on a single truck.
The firm laid blame for the bankruptcy, likely the largest ever for a US trucking firm, at the feet of the International Brotherhood of Teamsters union that represents about 22,000 of its employees. Teamsters leadership "was able to halt our business plan, literally driving our company out of business," said Yellow CEO Darren Hawkins.
However, the International Brotherhood of Teamsters blamed Yellow executives for the company's demise. "Yellow's dysfunctional, greedy C-suite failed to take responsibility for squandering all that cash. They still don't," said Teamsters General President Sean O'Brien. "They shamelessly pin their corporate incompetence on working people."
Source: reuters.com
