Let's see the union buy Yellow assets for pennies on the dollar, run the business, and make a profit.......put your money where union's mouth always is......

Went by the kernersvile nc location today. Three cars is al I saw in the large parking lot. Used to stay packed

So, are there just 20,000 rigs left wherever the drivers happened to be when they got the notice? How does that work?

Seems like a great time to start shopping for a heavily used barely maintained rig.

I blame Biden and his destructive economy first, the Teamster Unions second, and management last. When a bank goes down in this country the Fed charges in to help because "they're too big to fail", when the third largest shipper in the country is on the ropes all you hear from DC is **crickets**.
Between the increase in fuel costs due to Biden blowing through our Strategic Oil Reserves by selling it to our enemies, the refusal to let our country harvest our own oil....I lay this at the feet of the Dems.

^
Agree

Who is making the value in a trucking company?

This company ran itself into the ground.

Everything under the sun is not Bidens fault.  Some companies are just run like shit.

The customers. :)

Yep..

so fucking what.....tell ya what...go IM Subnet..and tell him you want hall monitor bling.

This is what happens when rat-fuck unions won't back off an $11/hr raise.  Now your people aren't getting a raise...or even a paycheck.  Good for you for sticking to your guns Mr. Union President.  Unions had a time and place.  When we go back to having 12 years olds work 80 hours a week in a factory with no safety programs and a nation with no labor laws we should welcome them back.  Until then all they do is cost jobs.

Nope.

I took a trip last week from the mid-Atlantic up through New England, mostly interstates like I-95. It seemed the ratio of cars to trucks was about 1:1, I've never seen so many tractor-trailers on the road in my life. Anybody who can't make a living in the material transport industry today is definitely doing something wrong. My experience shows in a company like that, management will sign ridiculous contracts with labor knowing full well they cannot fulfill them. When the union gets tired of the company constantly begging for concessions, they clamp down. It never ends well. The union needs to be more practical in their negotiations. A few years back, The Trump administration arranged an $800 million loan to Yellow as part of Covid relief. They consistently failed to make even the interest payments on that money. The company is a billion and a half dollars in debt. I'd be willing to bet that, during that time, not one of Yellow's corporate bigwigs missed a single bonus payment and they'll all retire with golden parachutes. The drivers will find work. Half the trucks I saw had advertisements on them looking for drivers.

A lifetime ago I worked with RPS / Roadway. The profit margins were always solid and the business steady.

2021 - 2022 Trucking and ONOs charged whatever they wanted. That’s how robust business was. Gas prices now are half of what they were last summer.

I don’t understand how this happens when 95% of all product that makes it to retail arrives via truck.

Pretty much explains it.

Very good friend works there. Been there for 35 years +, like 6 months short of retirement. This has been going on for over ten years. The Union had compromised their pension and reduced wages over ten years. There was no more give backs to be had. Work language, Union rules, equipment maintenance. The Union in this case made many concessions to keep the company viable.

Taking on liability by buying other trucking outfits, expanding by taking on market share by buying it instead of investing in the people and equipment to keep the parent company competitive is what finally bought the farm. Buying companies with huge liability concerns is not a great business model.

Having 25 trucks in a family business hardly makes anyone an expert on a company with thousands of tractors and tens of thousands of trailers. Having regional terminals with different markets can hardly be manageable with one contract under a national level. Even with local terminal, regional rules, with different management teams at each, in company fighting to take advantage over the other terminals to make theirs appear more profitable. That is not the Union doing that but the terminal managers deliberately holding freight  or shipping to another wayword terminal to sit on a dock waiting for a connecting transfer.

Management and the Union could find a way to continue but without benefits getting paid on time by the company why should the Union continue to guess if the company could meet its obligation by contract. The company and Union worked without an agreement before, but this time was different. No cash flow no business.

Blame it on the Union in this case does not wash this time, and for those that cheer that on, do not have a clear enough mind to understand that the trucking business has been shark infested for a very long time. Many outside influences involved with just day to day operation. Looking at fuel for one operational cost and the overlap of increases in cost of diesel for tractors that use hundreds of gallons weekly by 1 cent increase over the fleet the size of YRC is one bill that changes on an hourly, daily basis.

I'm sorry but somebody is going to have to explain to me why all this low to practically no post count accounts are all posting in this thread.

What a wonderful $700 million investment for the taxpayers from the Trump administration. Way to go, guys. Top men, only the best. .

Looks like the union destroyed them.  Lol.

YFC management ran them into the ground...not the Teamsters asking for a raise. This was in the cards for years as YFC took profitable entities and used poor managing skills to bring about their demise.

Their drivers were far from overpaid, maybe just "average" pay.

Those drivers will find work quickly. Everyone is hiring.

I noticed the same thing.

That’s going to leave a mark.

So what happens to all the shit in the trucks and their buildings?

I have experienced that.  It sucks.  They usually blame someone else.

In the case of the company I was dealing with they blamed the banks and unions.  Do you really want to know who caused it?  Really one guy, the company President,  who didn't see the market changing and the realities of what was happening at his own company.

You can't print money like the USG to get yourself out of trouble when you make horrible business decisions.  Oh, there are financial games you can play, but eventually you run out of other peoples money because again, no printing press.

Fuck unions.

Societies syphilis.

Really?  Volume is down, current drivers are furloughed, and nobody wants to start bringing a bunch of teamsters into non union barns.

Looks like mismanagement.

Covid should have been a gift to them, but they fucked that all up.

Covid was a gift to everyone in the industry until April 2022.

What people don't understand is that profits in the best managed trucking companies are usually in the neighborhood of 4-5% .

Due to the nationwide driver shortage, Yellow drivers shouldn’t have much difficulty finding jobs. The same applies to mechanics…

Old dominion shows 370 job openings at various locations.  Many job postings looking for multiple hires.

122 are driver jobs.

Trucker for 30 years now retired, seen it all in real time.

 You are spot on with the reality in the U.S. trucking industry.

That is what I got out of it.

Now, that would show the hard working, dues paying members of YRC and all the rest, that the union has your back.

That would be capitalism. They don't like capitalism.

Nothing says capitalism like a three quarters of a billion dollar government bail-me-out loan.

I don't know what you did there or what time frame you worked for them, but back in the day, we were running so many discounted "traps" for companies like Target, CVS, etc., it was impossible to make $$$.
It's almost like we did it just so nobody could have that business.
And because it was freight that couldn't be swung for a pice of the freight bill pie, it sat around and nobody gave a shit about it.
Pottery Barn and Talbots had to move and move quick. Always on the tail. How that shit (Pottery Barn)made it intact and not in a zillion pieces always amazed me.

I didn't read every post to see if someone said this already, but my first thought was that the execs might have an extended job search, but the drivers should be able to get hired right away.

My FIL was laid off by Yellow… had a driving job lined up about 1 week later making $6 more per hour. He’s just waiting on the drug/medical screening and safety checks and stuff to go through.

So he got a couple weeks off, better pay, and when the Yellow bankruptcy goes through and he gets his back vacation pay he’ll have a nice little bonus.

@Screechjet1

Just truck-loads of normal corruption

Somebody with the complete picture

Jimmy Hoffa gave them concession water concession after concession. It was never enough to counter their fucked up management.

They should have never been allowed to buy anybody.

Unions are an outdated joke and I don’t trust anyone who is a part of one.

My favorite is when I meet a ‘conservative’ who prattles on about their union involvement ??

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