The daily business briefing: July 31, 2023

Trucking giant Yellow shuts down, "Barbenheimer" boosts movie industry with second blockbuster weekend, and more

Three large trucks with the Yellow logo
Trucking giant Yellow Corporation shut down on Sunday after 99 years in business
(Image credit: Joe Raedle / Getty Images)

1. Yellow shuts down ahead of bankruptcy filing

Trucking giant Yellow Corporation shut down on Sunday after 99 years in business, The Wall Street Journal reported. The company, which received a controversial $700 million COVID rescue loan, has been struggling with massive debt from a string of mergers, as well as a contract dispute with the Teamsters union that represents Yellow's 22,000 drivers. Yellow laid off hundreds of non-union employees Friday. The Nashville, Tennessee, company notified customers and workers it was halting operations Sunday as it prepares to file for bankruptcy protection. Yellow also is in talks to sell some or all of the company. Disruptions should be limited because many customers, which include Walmart and Home Depot, shifted their cargoes to other companies, which accelerated Yellow's demise.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.