OVERLAND PARK, Kansas — Yellow Freight, one of the oldest trucking companies in America, located here in this Johnson County city, hit the end of the road Friday when both union and nonunion office workers at the facility were told they had been laid off.
It was an announcement that comes days ahead of an expected bankruptcy filing by Yellow — a rumor that has caused freight customers to cancel orders and Yellow's stock to plunge as the probability of liquidation has escalated in recent weeks.Here in the Kansas City metropolitan area it meant around 1,000 people were without a job, but that economic pain does not stop at the city limits.
FreightWaves, a trade news organization, reported the Yellow letter said the company is “on the verge of closing its doors due to an ongoing, intractable labor dispute with the International Brotherhood of Teamsters.” The $700 million loan was considered controversial in part because the company was embroiled in a dispute with the Justice Department. The department alleged that Yellow had defrauded the federal government for a seven-year period when the company had done a significant amount of freight carriage for the Department of Defense.
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