U.S. trucking giant Yellow Corp. has announced that it has declared bankruptcy following a tense standoff with the Teamsters Union and after a massive pandemic-era federal loan failed to stave off the company’s mounting debt.
Announced Sunday, the move was long foreshadowed after Yellow Corp. halted its operations late last month and news of layoffs of nonunion employees had begun to spread. The Teamsters Union, which had been engaged in contract negations on behalf of the roughly 22,000 unionized Yellow employees it represents, previously said that it had received legal notice on July 31 of the impending bankruptcy filing.
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The freight company based in Nashville, Tennessee, which employs …
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