Yellow Freight closure thread

Saw a Yellow Cdl trainee at the DMV doing a road test this morning. I hope he passed first try lol.

 

Crap, now I might have to go after shipper to collect my $2100 for the load I did for Yellow brokerage

 

Reddit - Dive into anything

 

Yellow blames Teamsters for liquidity crunch, union barks back

 

So here is how this will go down. Some is factual, some is probable, and some is speculative. This is all based on a Teamster work stoppage (strike) starting next Monday, 7/24/2023.

Just like most on here, all of us Teamsters are following this spectacle of a downward death spiral which is Yellow's collapse. Some of us are pro "let's sit down" and others think that letting the company collapse is a better hill to die on than to give more concessions. I don't care anymore either way as I have decided I want off this boat. I also want to keep the politics off since it can go both ways and there is no point fighting ...that time has come and gone.

So Friday (assuming we are still working) we will wait for the last linehaul guy to leave so we can close down and lock up the gate with my two coworkers and manager. We will do some fist bumps and grab the manager's phone #. I told him I wanted to go to his wedding and this is the last time we will see each other on a professional setting.

The window to recover any personal items left in a truck or break room locker has closed. All Monday, July 24 shifts have been suspended.

Sometime late Sunday night, a non-union manager will occupy the building and lock the door behind them. This person will work an 8 hour shift and rotate out with another manager. This cycle will last 24 hours a day until the strike is called off or the inevitable happens.

It is now 00:01 AM on Monday, July 24. The strike has officially started. All union members are barred from company property. Some members will attempt to funnel in anyway; they are the ones that are genuinely unaware of the strike, naive, or can't afford to miss a shift and insist on coming in. The manager on duty will turn these employees around as they incrementally come in during their regular assigned start time.

It's around 07:45 AM. Union leadership along with some organized support will show up. They will park off of the road since employee parking lots are now off limits. The city of West Columbia has a 30x60 foot or so easement on our lone entryway. This small concrete slab is considered public property and any potential pickets will be staged here. Any people wanting to work will be stopped here. They will be given the option to join the picket for a 4 hour shift and receive $200/week, or be asked to go home. Entering company property is now criminal trespassing and law enforcement may be called to enforce the closure.

Depending on the size of your terminal, you may receive large union support or none at all. Management on our end anticipates 5-6 people due to the heat. Larger terminals may have a more aggressive approach and law enforcement may be called in.

Yellow is officially closed and zero revenue is generated. The survivability of the company is based on union labor ....most which is now on strike. Nationwide media coverage of these strikes accelerates this financial death spiral.

It is now somewhere between July 26 and August 10. Yellow has collapsed and filed for bankruptcy (speculative). It has zero reserves and can no longer qualify for any additional loans. Just like a household without an income, critical services will be cut off. The liquidation process has begun.

A local law firm will send a representative to the terminal. They serve a notice that they represent XYZ Bondholder Owning Group and that all real estate and company assets have transfered ownership to be liquidated. Management is relieved (assuming any are still there) and possibly a small private security company is hired to babysit the property for $15/hour. With hundreds of terminals in the bondholders portfolio, it's fair to assume that some properties will have no assigned security detail.

Trapped freight and valuable property assets will be vulnerable to looting and marauding.

It's now a few weeks to several months after the liquidation process started. A specialized liquidation company will inventory all of the real estate, vehicle and material handling assets. A vehicle recovery crew might be called in to prepare any vehicles for a local auction. At this point it is plausible that OS&D experts will be called in to reunite trapped freight with their respective shippers or receivers. Third party carriers will be used to complete the final mile delivery/return at the shippers expense or face disposal of the shipment.

That's my take on it. This isn't all factual, but I think it's more than plausible. If you do have a contrasting opinion, let's hear it. If not, thanks for reading.

 

However, the Teamsters referred to the offer as “a back-door deal to rescue [CEO Darren Hawkins] humiliatingly mismanaged freight company,” in a statement Wednesday evening.

“From July 12-13, Hawkins made informal offers to the Teamsters begging the union to return to the bargaining table well before the expiration of the current contract, suggesting the beleaguered freight company could offer workers hourly increases of just over $2 in the first year of a hypothetical new contract,” the statement read. “Shockingly, the communications from Yellow were stipulated on the Teamsters agreeing to a new five-year contract as quickly as possible.”

Previously, Yellow offered to pull forward contractual wage increases and implement an additional pay hike to expedite a deal. However, it acknowledged the increases would have to be approved by lenders when it refinanced its $1.5 billion in debt at a later date.

“It is not left to rank-and-file Teamsters to drag Yellow’s sinking ship to shore,” O’Brien said. “We are not going to agree to informal offers for new wages in the hopes of getting a fair contract next year when YRC Freight and Holland can’t even figure out how to pay their bills right now.”

 

and in the end...??

who will still get thier weekly salaries..when the Teamsters go on strike.......and Yellow shuts for good, taking all thier other companies in tow...??

the Teamster board members who voted to strike....

how's that going up anyone's craw....??????????

 

If you didn't get paid on Friday, would you show up to work on Monday?

 

I just got paid. Management told me they will retain their salary while we strike.

 

But your benefits didn't get paid, which to me amounts to the same thing.

Either they didn't have the money or they tried to put your backs to the wall to force a deal - either way its looking more like a Chicago 1099 outfit that a Fourtune 500 company.