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Yellow | Friday is the last day

SuperCourse said:
I did manage to find it. The letter to Meathead was dated 7/12.

A July 12 letter from Yellow’s (NASDAQ: YELL) CEO to the Teamsters general president said the less-than-truckload carrier was willing to raise total compensation by $11 per hour over a five-year term if the union would acquiesce to its proposed change of operations. Yellow’s efforts to implement those changes, which it says are required for its survival, had been rejected by the union.

finance.yahoo.com

Teamsters demand Yellow’s previous $11-per-hour offer

A letter from the Teamsters negotiating committee on Tuesday showed it has been unable to come to terms with less-than-truckload carrier Yellow Corp. The post Teamsters demand Yellow’s previous $11-per-hour offer appeared first on FreightWaves.
finance.yahoo.com finance.yahoo.com
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Was it a written proposal, or just a verbal agreement?
 
slavenomore said:
It won't stay that way.
You just took out almost 50% of union carriers.
If this goes down.
There will come new nonunion LTL'S which will eat at all. Union and nonunion.
Wages got to high.
Inflation too high.
Dollar devalued?
Taxes will increase.
Almighty Dollar is God here.
Nothing else.
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Non’s, as well as ABF & T Force(?), will need butts in seats if Yeller falls. We’ve been staffing all levels with sub par performers for years, sure as heck aren’t going to cut compensation. JMO
 
truckinforcash said:
And they were losing money while simultaneously dragging down rates for everybody else. Yellow has been a parasite company for a long time.
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Just watch, if Yellow goes whoever is the next cheapest will be drug down over the next few years. Brokers/3pls are a lot of the issue . They latch on to whoever is cheapest, send more and more volume their way, while of course demanding ever cheaper rates and more exceptions for " blessing " the carrier with the volume. No offense to brokers, they're just trying to make a buck but by stepping in between carriers and customers and always trying to increase the slice of pie they get they've become the real parasites.
 
h2112 said:
Just watch, if Yellow goes whoever is the next cheapest will be drug down over the next few years. Brokers/3pls are a lot of the issue . They latch on to whoever is cheapest, send more and more volume their way, while of course demanding ever cheaper rates and more exceptions for " blessing " the carrier with the volume. No offense to brokers, they're just trying to make a buck but by stepping in between carriers and customers and always trying to increase the slice of pie they get they've become the real parasites.
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Those company’s all have the ability to say no. The only reason that the 3PLs are getting those low rates is because some company is agreeing to the rate. No one is holding a gun to their head.
 
Is anybody still holding out hope things will resolve at the 11th hour? Or is this totally it, shows over? Wouldn’t the company have told everybody if they’re shutting down indefinitely?
 
h2112 said:
Just watch, if Yellow goes whoever is the next cheapest will be drug down over the next few years. Brokers/3pls are a lot of the issue . They latch on to whoever is cheapest, send more and more volume their way, while of course demanding ever cheaper rates and more exceptions for " blessing " the carrier with the volume. No offense to brokers, they're just trying to make a buck but by stepping in between carriers and customers and always trying to increase the slice of pie they get they've become the real parasites.
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I agree that 3Pl;'s are a big problem. Like borrowing $$$ no one forces anyone to do business.
Some carriers race to be the cheapest provider and are amazed when they suffer the consequences.
I point back to 2021 when virtually every LTL was announcing record profits, Yellow did not??
That was the time to fix this...
 
3PL's do all the shopping for a shipper so they dont have to. Can find all the gaps and fill them. To assume that all 3PL freight goes to lowest bidder is 100% wrong. Some customers like cheap rates and some customers like good service. The 3PL's leverage their massive network of shippers to gather data and make a decision for the shipper on which lanes should be ran on which carriers.

No carrier will tell you, oh we suck on that lane but we are really good on that one. The 3PL will.

Different strokes for different folks. Not every shipper needs a 3PL but they have their place in the market.
 
Actually, I think the 3PLs are in for a hurt. They aren’t going to be able to undercut anyone’s rates to keep their business going, the remaining companies don’t have to participate.
 
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