Important Takeaways:

• Trucking giant Yellow shuts down: The 99-year-old company which has almost 30,000 staff and 12,000 big-rigs ceases operations immediately – despite $700M COVID bailout
• Trucking giant Yellow collapsed on Sunday, ceasing operations immediately and leaving some 30,000 workers without jobs.
• The closure is the biggest in terms of jobs and revenue in the U.S. trucking industry, according to The Wall Street Journal – which first reported its shutdown.
• The company, which received $700 million in federal COVID relief funds in 2020, is preparing to file for bankruptcy and is in talks to sell off all or parts of the business.
• The nearly 100-year-old firm is known for its competitive pricing and has more than 12,000 trucks shipping freight across the US for brands including Walmart and Home Depot.
• But in recent years it has struggled under the weight of debt and had a highly contentious relationship with the Teamsters union: on Sunday, each side blamed the other.

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