YELL +92.39% Add to/Remove from Watchlist WMT -0.39% Add to/Remove from Watchlist HD +0.18% Add to/Remove from Watchlist UBER +2.07% Add to/Remove from Watchlist(Reuters) - Cash-strapped U.S. trucking company Yellow Corp has ceased operations and is filing for bankruptcy after failing to reorganize and refinance over a billion dollars in debt, the Teamsters Union said on Sunday. Yellow, formerly called YRC Worldwide (NASDAQ: ), did not immediately respond to a Reuters request for comment. Earlier this month Yellow averted a threatened strike by 22,000 Teamsters-represented workers and last week it said it was exploring opportunities to divest its third-party logistics company. Earlier in the day, the Wall Street Journal reported the closure of the trucking firm's operations citing notices sent to customers and employees. On Friday, the WSJ also reported that the company has laid off a large number of nonunion workers.

Source: Wall Street Journal July 31, 2023 05:19 UTC