A bidding war is underway for the now-defunct Yellow Corps’ infrastructure and assets. But its former less-than-truckload (LTL) drivers and 30,000 workers may not get the primo jobs that came with seniority.
North Carolina-based Old Dominion recently submitted a bid of $1.5 billion for Yellow’s North American assets. That figure reportedly exceeds the nearest bid by upwards of $200 million. Once Yellow’s fiercest competitor, Old Dominion also handles significant LTL volume and could be a soft landing place for unemployed Yellow truckers. But the rub is that ex-Yellow drivers may not be able to slide into positions that afford the same quality of life.
After 32 years as a trucker, Mark Roper finds himself out of work. He enjoyed local and regional runs that allowed him to spend quality time with his wife and six children. Roper has basically been chewing up the same road for decades, having worked at Holland Freight for 28 years before Yellow bought them out. The 59-year-old has already applied at several major trucking outfits, knowing it’s unlikely he’ll be home for supper on a regular basis.
“I don’t want to be away from my family. The family means more to me than anything, especially recently. I lost my mother and stepfather to Covid and my father earlier this year,” Roper reportedly said. “I’m the type of person who will do whatever I need to do for my family.”
Going over the road might be a bitter pill to swallow for a man who has a disabled adult son at home, as well as a 12-year-old. Roper also has a daughter heading into college. Money is now an issue for a trucker who was pulling down around $80,000 annually. Adding to his family’s stress, Roper indicated he’d heard nothing from the former trucking giant regarding severance pay.
“I figure that my severance is the unemployment I just filed for,” he reportedly said. “But they’re not telling us anything.”
That’s a slice of the boots-on-the-ground reality for truckers. Although there are plenty of good-paying jobs, starting over typically means having little access to positions that allow experienced drivers to live the 9-to-5 lifestyle.
Meanwhile, Old Dominion’s bid would likely allow Yellow to pay much, if not all, of its bankruptcy debt. The acquisition would also reopen 169 shuttered terminals and put people back to work.
Sources:
https://www.cnn.com/2023/08/01/business/yellow-corp-driver-jobs/index.html
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