Yellow Corp, one of the nation’s largest trucking companies, has recently announced its shutdown, resulting in severe job losses for hundreds of Oregonians and an estimated 30,000 people nationwide. This comes as a blow to an already struggling supply chain, according to industry experts.
Oregon heavily relies on trucking as a means of transportation, with a staggering 88% of manufactured goods in the state being transported by trucks. Furthermore, 76.9% of communities in Oregon rely exclusively on trucks for transportation purposes. This highlights the significant impact of Yellow’s shutdown and bankruptcy filing on the state’s economy.
Yellow’s closure and subsequent regional carriers shutting down, including Reddaway, the longest-running trucking company in Oregon, mark a significant moment in the industry’s history. Yellow has been in operation for over 100 years since its establishment in 1919. The repercussions of this shutdown are expected to be substantial, as the trucking industry in Oregon employs over 100,000 people, accounting for about one in every 16 jobs in the state.
It is important to note that Yellow had previously received substantial financial assistance during the pandemic, with federal loans totaling $700 million. Despite this aid, the company’s ultimate closure demonstrates the challenges faced by the industry.
Notably, there is already a nationwide shortage of approximately 80,000 drivers and other professionals within the trucking industry, as stated by the Oregon Trucking Association. The shutdown of Yellow further exacerbates this issue, putting additional strain on an already stretched workforce.
Efforts are being made to assist laid-off drivers in finding alternative employment opportunities within the trucking industry. The American Trucking Association has created a jobs database specifically aimed at connecting those affected by Yellow’s shutdown with other available trucking industry jobs.
To stay up to date with the latest developments regarding this story, KOIN 6 will provide regular updates. The impact of Yellow’s shutdown on Oregon’s trucking industry and the wider supply chain will continue to be a topic of concern as we navigate these challenging times.
