U.S. trucking company Yellow Corp. (YELL) filed for Chapter 11 bankruptcy last week and is in the process of laying off its 30,000 workers. This leaves a void to be filled in the logistics industry as shippers take on more capacity. U.S. delivery services like UPS are noted to have kept the economy afloat during the COVID-19 pandemic.
"Our number one priority is to safeguard the capacity we offer our existing customers," XPO CEO Mario Harik told Yahoo Finance Live, forecasting shipment rates and costs to increase as carriers make up for the 10% gap in capacity from Yellow's closure.
Harik discloses strategies to boost employment in the logistics industry, such as a truck drivers' school, as XPO shipments rose by 9% year-over-year alongside service volumes.
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August 07, 2023 at 10:23PM
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How Yellow Corp. bankruptcy has created a capacity gap, XPO CEO explains - Yahoo Finance
"corp" - Google News
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