Yellow Corporation files for Chapter 11 bankruptcy in US District Court

<p>Yellow Corp., a 99-year-old trucking firm and the third largest less-than-truckload carrier in the U.S., has filed for bankruptcy. </p><p>This decision follows the Teamsters Union's refusal to offer financial concessions to the struggling firm. About 22,000 Teamsters will lose their jobs.</p><p>The 99-year-old company was known for its cut-rate prices and has more than 12,000 trucks moving freight across the country for <a data-type="phrase" href="https://www.wsj.com/market-data/quotes/WMT">Walmart</a>, <a data-type="phrase" href="https://www.wsj.com/market-data/quotes/HD">Home Depot</a> and many other smaller businesses. </p><p>What Yellow couldn’t deliver was consistent service for customers or profits. </p><p>Overall, they were a poorly run company that ran up huge debts via mergers and they failed to the point that the Teamsters Union is turning their back on the truckers. </p>

This article was written by Greg Michalowski at www.forexlive.com.