Tennessee workers have now been left in turmoil after massive layoffs affected 33,000 employees this year.
Yellow Corp, a Tennessee-based trucking company entered bankruptcy and immediately closed operations across the United States.
As a result, 33,000 workers lost their jobs in the biggest mass layoff in the United States since 2020, reports Ash Jurberg.
Many of these workers have been unable to find jobs while still being owed unpaid vacation and sick leave, an unfortunate result of the company’s collapse.
WSWSÂ spoke with several ex-Yellow staff members who are still severely impacted by the events that unfolded this year.
âI have a friend. He is owed 33 days, which is almost $7,000. And he is not working.
We gave over 10 years of 15 percent of our pay every week to this company. We gave up part of our pension for 10 years, and at the end, they got a $700 million bailout during COVID from the United States government, and they still put us out of business.
Out of all of the guys I know, maybe seven or eight got jobs doing what we did. Most of them have to go doing other odd jobs or changing their craft because they canât get in the door anywhere, says ex-driver Allen Buyers.
“I am having a terrible time finding a job. However, it is my age that comes up more than anything. Insurance wonât cover a driver past 64, is what I have been told three times now,” says another ex-Yellow Corp worker.
“The worst thing is our insurance wasnât paid and was cut off immediately, and any accrued vacation time wasnât paid. But job seekers are having a tough time finding suitable or comparable work… In Memphis, we hear nothing from the union local. Nothing at all.”
Other Economy News Today
A popular retailer is now permanently closing its doors for good after it moved from Chapter 11 bankruptcy to liquidation.
âRetail bankruptcies have jumped through the first nine months of 2023 with over 4,500 U.S. businesses filing for Chapter 11.
Thatâs a 61% increase over the same period last year and some big names including Bed Bath & Beyond, Christmas Tree Shops, and Tuesday Morning have all been liquidated this year,â reports TheStreet.
âTwo other big names, Davidâs Bridal and Party City managed to survive Chapter 11 and return to mostly normal operations.
You can blame the covid pandemic on creating a hole for many retailers that proved impossible to dig out of, but thatâs not the only factor driving retailers out of business.
Supply chain issues have driven prices higher and labor shortages have led to increased wages. In addition, consumers remain wary about the economy which has led to some pullback when it comes to bigger ticket and discretionary purchases.â
Upscale furniture maker Mitchell Gold + Bob Williams first shared that it was having financial trouble in late August.
The company unexpectedly closed its 27 stores across 14 states and multiple Canadian provinces over the weekend of Aug. 26-27, reports The Street.
âThe retailer shut down when it was âunable to secure critical financing to continue business operations,â according to a Worker Adjustment and Retraining Notification Act (or WARN) notice filed in North Carolina.â
Mitchell Gold + Bob Williams immediately let go of 500 workers amidst its Chapter 11 bankruptcy filing.
A judge removed the option of further funding after it became clear the company would not be able to reach a deal.
The judge declared that Chapter 7 was in the best interest of the debtors, their estates, creditors and all other interested parties, Furniture Today reported.
Also Read: A New Wave of Massive Layoffs Now Hits Texas
Market News Published Daily đ°
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
You can also follow me on Twitter, Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Become a Sponsor for only $1/mo.
- Gain access to EXCLUSIVE FrankNez articles you wonât find here.
- Become part of a private and safe Discord community, just for retail investors.
- Get drawn at the end of the year for holiday giveaways.
Republicans lies I see all kinds of help wanted signs everyday. You can’t trust anything these tennessee Republicans say they all are two-faced criminals
LET’S GO BRANDON!
Biden economics at its’ best
EXACTLY
Leave your thoughts below.