Yellow, a 99-year old trucking company, shuts down, leaving 30,000 jobless

Yellow Corp, a 99-year old trucking company, has ceased operations and will lay off all 30,000 of its workers. The company had been in a battle with the Teamsters union over pension and health insurance contributions. Despite receiving a $700 million loan from the federal government in 2020, Yellow Corp still owed the Treasury department over $700 million. The closure of Yellow Corp will impact its employees, customers, and US taxpayers. While it is not expected to cause significant disruptions in supply chains, it will lead to higher rates for shippers who relied on Yellow's low-cost services.