US shipping giant closes after 99 years of operation

The decision was made in the context of Yellow company having to bear a large debt, plus business stagnation after a series of mergers, according to The Wall Street Journal today, July 31.

The 99-year-old company is known for its low prices and has more than 12,000 trucks that deliver goods across the country. Yellow's fleet has delivered products to chain stores like Walmart, Home Depot, and many smaller businesses across the United States.

Yellow Delivery Truck

However, despite surpassing many competitors, Yellow could not guarantee stable service for customers or profits for investors.

The company sent a notice to customers and employees saying it would cease all operations at noon on July 30. Yellow is preparing to file for bankruptcy and is also in talks to sell all or part of its business, according to Reuters.

The decision threatens nearly 30,000 jobs. Hundreds of employees were laid off on July 28 when the company announced it would stop accepting new orders.

It would be the biggest blow to revenue and jobs for the volatile U.S. trucking industry. Many customers have shifted their freight to Yellow’s rivals in recent weeks, and those companies said their orders surged last week.

Yellow board member Chris Sultemeier expressed regret at the closure, which comes a year before the company's 100th anniversary.

Source link: https://thanhnien.vn/ga-khong-lo-nganh-van-tai-my-dong-cua-sau-99-nam-hoat-dong-185230731124245117.htm