Yellow Freight, one of the largest trucking companies in the nation, has suffered a devastating collapse, leaving hundreds of employees jobless at various locations across Copley, Green, and Richfield, Akron Beacon Journal reported.
Sudden Collapse of Yellow Freight
The sudden downturn of Yellow Freight caught many by surprise, with operations ceasing abruptly, and all company locations nationwide closing.
The Teamsters union, representing approximately 22,000 Yellow Freight workers, was notified of the company’s intention to file for bankruptcy. The union’s members have made significant sacrifices in wages and benefits over the years, hoping to aid the company in overcoming its financial struggles. However, despite their efforts, the Yellow Freight’s fate seemed inevitable.
Employees at the Copley location witnessed the stark reality of Yellow Freight’s demise when the company’s site on Oh Avenue was blocked by trailers, and a sign posted at the guard gate confirmed the cessation of all operations.
Employees expressed frustration and disappointment at the company’s downfall, with some highlighting a purchasing binge in the early 2000s, including the acquisition of Akron-based Roadway, as the starting point for the company’s financial troubles. As Yellow Freight’s financial position weakened, the company reportedly cut costs by skimping on essentials like new safety vests and cleaning supplies during the COVID-19 pandemic.
Yellow Freight Employees
The situation has left long-time Yellow Freight employees in their 50s facing the daunting prospect of starting anew. After decades of loyalty to the company, they now find themselves in search of new job opportunities and preparing to file for unemployment benefits.
The collapse of Yellow Freight has not only left a void in the trucking industry but has also left a lasting impact on the lives of its dedicated employees. As they scramble to stay afloat and seek employment elsewhere, many ponder how things could have been different and reflect on their decades of loyalty to a company that, in the end, was unable to withstand its financial challenges.