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After $700 Million U.S. Bailout, Trucking Firm Is Shutting Down (web.archive.org)

submitted 1 year ago by JCPhoenix@beehaw.org to c/usnews@beehaw.org

10 comments fedilink hide all child comments

Yellow, which received a pandemic loan, is winding down operations ahead of an expected bankruptcy filing. The closure of the company would mean the loss of about 30,000 jobs.

Original NYT link.

top 10 comments

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[–] Fizz@lemmy.nz 22 points 1 year ago

What's the bet they pocketed most of that money and then closed.

[–] I_Miss_Daniel@kbin.social 6 points 1 year ago

🎵Look at the stars, look how they shine for you. 🎵

[–] scmstr@lemmynsfw.com 5 points 1 year ago (2 children)

When you are a leech of the people, you can't be punished, right?

[–] instamat@beehaw.org 2 points 1 year ago

Leeches of the people get a pass, because they’re a sad ☹️

[–] green_witch@beehaw.org 1 points 1 year ago

I know of at least one orange dude that just about nothing has happened to for what... seven years now? So yeah, guess it tracks.

[–] Synnr@sopuli.xyz 4 points 1 year ago (1 children)

I'm sure I can find it in the article but what kind of bankruptcy? Are investors walking away with bruises?

[–] wick@lemm.ee 4 points 1 year ago

Stock fell on Thursday, declared bankruptcy Friday.

[–] falsem@kbin.social 4 points 1 year ago (1 children)

What's their burn rate that they're going bankrupt after 700M in cash?

[–] zalack@kbin.social 4 points 1 year ago* (last edited 1 year ago) (1 children)

At 30,000 employees that's only $23,000/person. I'm sure payroll alone is well North of $700M per year.

[–] falsem@kbin.social 2 points 1 year ago

Thanks for doing the math