AM I NEXT? NO LOVE AT U.S. LOGISTICS SOLUTIONS

Humble, Texas-based US Logistics Solutions, a trucking and logistics company, filed for Chapter 7 bankruptcy and abruptly ceased operations at its offices and 19 terminals.

The closure impacted 2,000 employees, including 500 truck drivers and warehouse, dock and office workers who did not receive their final paychecks.

Presideny Eric Culberson noted, "Due to the abrupt decision by our private ownership group to close our doors at the same time business was surging, I am completely devastated and heartbroken for the 2,000+ professionals I've had the pleasure of working with, The timing of this closure did not give me the chance to thank my team for their commitment and support to our customers and to each other."

"Despite the best efforts by its dedicated workforce, the company was notified by its lender that it will no longer receive the necessary funding to continue operations. The decision to file for bankruptcy was not taken lightly. The leadership team explored all possible alternatives to avoid this outcome, including seeking additional investment and strategic partnerships. However, the abrupt cessation of funding left the company with no other recourse."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT REVEL

Brooklyn, New York-based Revel, the all-electric rideshare and EV infrastructure company, has announced a structural change in its business model, from company employees to independent contractors similar to that of rivals Lyft and Uber.

The business model change will impact 1,000 staff employees, many of whom will be retained as contractors.

According to the company, Current drivers on Revel’s payroll will have the option of staying on with the company as independent contractors after September 12, 2024, when the switch will take effect. Drivers can sign up to rent from Revel’s fleet of Teslas for $10 per hour, which includes auto liability insurance, vehicle cleaning and maintenance, and a full day of battery charging. In 2025, Revel will open up the platform to drivers with their own EVs, giving the startup an asset-light way to grow the business and offer riders a better service."

The company is expected to expand its concentration on EV Charging Hubs whose capacity is 90% controlled by the company's own vehicles.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? IS THE HANDWRITING ON THE WALL AT YELLOW?(07/31/23)

JULY 31, 2023 — BOOM! YELLOW SHUTS DOWN WITH 30,000 EMPLOYEES IMPACTED

Yellow ceased operations on July 30, 2023, Sunday and will lay off all 30,000 of its workforce.

Prior to the shutdown, the company laid off an unknown number of employees on July 28, 2023, including members of the company’s sales force, business operations, and technology department. An announcement of the company’s bankruptcy is pending.

JULY 24, 2023 — Original Post…

Overland Park, Kansas-based Yellow Corporation, one of the nation's largest truck transportation carriers in the United States, is reportedly considering filing bankruptcy in the near future as it attempts to refinance $1.6 billion debts.

According to industry reports, some believe Yellow’s board’s decision not to allow two Yellow operating companies, YRC Freight, and Holland, to make required payments totaling $50 million to the Central States Health and Welfare Fund and the Central States Pension Fund, thus signaling an intention to file for bankruptcy -- with the union threatening a strike as Yellow suspends health benefits and pension accruals for staff.

It appears that Yellow’s freight bills per day have fallen by more than 30% in recent weeks as shippers attempt to insulate their operations from Yellow's financial troubles.

Up to 22,000 employees and 8,000 non-union employees may be impacted by a company that operates an estimated 13,800 tractors and 43,400 trailers.

The company points to the union as being part of the problem as they allegedly impede the company's proposal to combine its trucking divisions.

Yellow has threatened bankruptcy on four other occasions, before receiving accommodation from lenders, the Teamsters Union, the federal government, or a combination of all three.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?