LAREDO, Tex. (KGNS) – Looming bankruptcy at one of the nation’s largest trucking companies could cost tens of thousands of employees their jobs at Yellow Corporation.
The trucking firm has ceased operations and is expected to officially file for bankruptcy protections.
This comes after years of financial struggles and growing debt.
The 99-year-old Nashville based company risks a loss of 30,000 jobs.
Workers are bracing for the worst; some are already shut out of the docks, and at this point, remain unable to file claims for unemployment.
Liquidation at yellow could mark a significant shift for shippers and the transportation industry nationwide.
Employees of the YRC Freight in Laredo were told their last day of work was Sunday affecting dozens who had been with the company for years.
For over 20 years, Juan Ruben Salazar worked for Yellow Freight located at the 8000 block of Killam Industrial Boulevard.
He worked as a pick-up and delivery driver but on July 30, he got a call from his supervisor saying that he was laid off from his duties.
According to his wife Adriana Salazar, Juan Ruben was not the only one who got laid off from the company, but also over 60 other employees as well.
That means 60 Laredo-area families will be affected by the news.
Adriana said that her husband’s job was their main source of income for the family but now she believes that they could face an economic struggle in the upcoming months.
Some of their family projects could also be put on hold indefinitely.
“Over 23 years that was our bread and butter. We were about to build our house in our property and now this came along, now we are worried about our future, while many families like ours now are under the same boat, now they are going to be worried about to pay their bills,” said Salazar.
According to freight experts, the closure of Yellow Freight could create a negative economic effect such as the company’s debt could reach up to the billion-dollar mark which would impact U.S. taxpayers.
Trade business could also see possible delays on their imports and exports.
Adriana said her husband is now in the process of looking for another job.
LAREDO, TX. (KGNS) – Looming bankruptcy at one of the nation’s largest trucking companies could cost tens of thousands of employees their jobs at Yellow Corporation.
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