Yellow Corporation

Yellow Corporation
Formerly
  • YRC Worldwide, Inc. (2006–2021)
  • Yellow Roadway Corporation (2003–2006)
Company typePublic
IndustryTransportation
Founded1929; 95 years ago (1929)
Founders
  • G.C. "Cleve" Harrell
  • A.J. Harrell
Defunct2023 (2023)
Headquarters
Overland Park, Kansas
,
United States
Area served
North America
Key people
Darren Hawkins (CEO)
RevenueUS$5.2447 billion (2022)
US$197.8 million (2022)
US$21.8 million (2022)
Total assetsUS$2.2793 billion (2022)
Total equityUS$–381.5 million (2022)
OwnerU.S. Treasury (29.6%, since 2020)
Number of employees
c. 30,000 (December 2022)
Subsidiaries
Websitemyyellow.com
Footnotes / references
[1][2][3][4]

Yellow Corporation was an American transportation holding company headquartered in Overland Park, Kansas. Its subsidiaries included national less than truckload (LTL) carrier YRC Freight; regional LTL carriers New Penn, Holland, and Reddaway; and freight brokerage HNRY Logistics.[5] From 2006 to February 2021, Yellow was known as YRC Worldwide.[6]

At 12:00 pm on Sunday, July 30, 2023, the company ceased operations due to financial problems.[7][8] On August 6, 2023, it filed for Chapter 11 bankruptcy protection.[9] It owes $730 million to the federal government, which owns 30% of the corporation, as a result of the $700 million pandemic loan Yellow received in 2020.[10] It had 30,000 employees, 22,000 of whom were members of the International Brotherhood of Teamsters. The financial problems existed since 2000, when the company started taking on large debt loads while acquiring competitors but failed to achieve efficiencies of integrating the separate companies into one network, with the company stating that their union contracts were one factor blocking this integration.[7] The company has only had three profitable quarters since 2009.[7] An auction for the Yellow properties took place in November 2023.[11]

  1. ^ "YRC gets $700M CARES Act loan, Treasury takes 30% stake in carrier". Transport Dive. Retrieved June 16, 2023.
  2. ^ EduMaritime. "YRC Worldwide (YRCW) – Transport & Logistics Career". EduMaritime. Archived from the original on December 26, 2015. Retrieved April 13, 2018.
  3. ^ "YRC Worldwide, Form 10-K, Annual Report, Filing Date Feb 15, 2018". February 15, 2018. Archived from the original on August 21, 2018. Retrieved August 20, 2018.
  4. ^ Cite error: The named reference PR YRC Renamed Yellow was invoked but never defined (see the help page).
  5. ^ "YRC Worldwide, Form 10-K, Annual Report, Filing Date Feb 28, 2012" (PDF). secdatabase.com. Archived (PDF) from the original on December 23, 2015. Retrieved February 16, 2013.
  6. ^ Schulz, John (November 16, 2020). "Name change only the start of changes coming at Yellow Corp., subsidiaries". Logistics Management. Archived from the original on August 28, 2021. Retrieved August 28, 2021.
  7. ^ a b c Nassauer, Sarah; Page, Paul (July 29, 2023). "WSJ News Exclusive | Trucking Giant Yellow Shuts Down Operations". Wall Street Journal. ISSN 0099-9660. Retrieved July 31, 2023.
  8. ^ Kaberline, Brian (July 31, 2023). "Yellow Corp. informs employees, customers it has shut down operations". Kansas City Business Journal. Retrieved July 31, 2023.
  9. ^ Isidore, Chris; Toh, Michelle (August 7, 2023). "30,000 workers bid goodbye to 99-year-old Yellow as it files for bankruptcy | CNN Business". CNN. Retrieved August 7, 2023.
  10. ^ Cite error: The named reference :0 was invoked but never defined (see the help page).
  11. ^ "Trucking firm XPO to buy bankrupt Yellow's service centers for $870 mln". Reuters. December 5, 2023. Retrieved December 7, 2023.