Credit: Google Maps
Yellow Corp., a trucking company with a YRC Freight facility located on State Road in Bensalem Township, Pennsylvania, has ceased operations.
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The news was confirmed by the Teamsters Union and several news organizations.
CNN reported said the company has operated for 99 years and will lay off 30,000 workers.
In recent years, the Nashville, Tennessee-headquartered trucking firm had been grappling with significant financial challenges. It has also had recently been engaged in a dispute with the Teamsters Union.
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Speculation about the company filing for bankruptcy gained traction over the past week.
The Wall Street Journal reported that Yellow Corp. suspended operations on Sunday.
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It was unclear how many employees in Bucks County were impacted.
“Today’s news is unfortunate but not surprising. Yellow has historically proven that it could not manage itself despite billions of dollars in worker concessions and hundreds of millions in bailout funding from the federal government. This is a sad day for workers and the American freight industry,” said Teamsters Union General President Sean M. O’Brien.
Yellow Corp. was the recipient of $700 million in COVID-19 pandemic relief loans three years ago despite reservations expressed by the U.S. Defense Department, CNBC reported.
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As per a government watchdog report published in May, Yellow Corp. has paid back just $230 of the outstanding principal of $729.2 million owed to the U.S. Treasury.
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