A massive business in Florida is now shutting down prior to the holidays with layoffs affecting several employees.
“Iconic food delivery company Yelloh, known for its distinctive bright yellow trucks, has announced job cuts in Florida this week as it ceases operations in the state,” reports Ash Jurberg.
“Yelloh, formerly known as Schwan’s Home Delivery, has filed a notice with the Florida Department of Economic Opportunity advising that all 62 employees will lose their jobs as it exits Florida.”
The facilities listed to close, resulting in job cuts, were in Clearwater, Dade City, Jacksonville, Lakeland, Ocala, Penascola, Punta Girda, and Sanford.
ABC reports that the company will be laying off a total of 750 jobs nationwide and closing 90 delivery centers.
The company will continue to serve 18 states with its iconic yellow trucks. Customers elsewhere will get deliveries via UPS, the Minneapolis Star Tribune reported Friday.
“Facing economic headwinds, rising business costs and the post-pandemic world, our teams across the country have worked valiantly to transform our company into a modern category leader,” the company said in a news release. “Despite those efforts, and like many retail businesses, we must now close locations and face a difficult reality.”
Yelloh trucks will continue to deliver in Delaware, Illinois, Indiana, Iowa, Kentucky, Maine, Maryland, Michigan, Minnesota, Missouri, New York, Ohio, Pennsylvania, South Dakota, Texas, Vermont, West Virginia and Wisconsin.
Schwan’s began home delivery in 1952.
In 2018, the Schwan family sold a 70% share of its business to the Korean firm CJ CheilJedang for $1.8 billion.
However, the family kept the Schwan’s Home Delivery business and rebranded it last year as Yelloh.
Also Read: Massive Layoffs in Tennessee Now Grow Just Before The Holidays
Other Economy News Today
A major essential company has now filed for an unexpected bankruptcy after falling into massive dept with its creditors.
“Air Methods provides critical services that literally mean the difference between life and death on a daily basis and for thousands of people each year,” reports TheStreet.
“The company has filed for Chapter 11 bankruptcy protection in order to put in place an agreement to restructure the company with its key debtholders.”
The company which currently has $1.7 billion in debt, would see its debt erased as its creditors become the majority shareholders in the company.
“Critical care does not begin in the emergency room. It begins at the scene of the accident or the moment a life-threatening illness strikes.
Air Methods has a talented workforce of over 4,500 team members, which includes the best in the air medical industry,” the company shared on its website.
Under the terms of the deal, all outstanding bills would be paid and workers would receive their full pay and benefits without any delays.
The company says that it is currently continuing normal operations.
The deal would provide Air Methods with a whopping $80 million in working capital.
CEO JaeLynn Williams said the deal was needed so the company could keep providing its lifesaving care services. “”
“With increased financial flexibility and access to additional capital, we will be better positioned to continue opening new greenfield bases, accelerate our talent acquisition initiatives, execute on our growth initiatives, and equip more emergency personnel with the expertise needed to safely deliver the highest quality air medical care for generations to come,” Williams said in a media statement.
The company plans to complete the restructuring under court approval before the end of the year.
Also Read: Massive Retailer in Florida Now Grapples With Bankruptcy
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