The abrupt shutdown of Yellow Corp. and its subsequent Chapter 11 bankruptcy filing in the past month not only posed challenges for the company’s 30,000 terminated workers but also created difficulties for customers who hurried to manage the successful delivery of their goods.

Furthermore, a recent study revealed that the closure of the nearly century-old less-than-truckload leader had negative repercussions for other individuals in the trucking industry as well.

According to a survey conducted by JW Surety Bond, involving 332 professional drivers, a significant 72% of them expressed that the closure of Yellow Corp. had a notable impact on their mental well-being. Furthermore, 69% of the respondents revealed that they were harboring anxieties about the stability of their own employment. In addition, 37% of those surveyed disclosed that they were currently engaged in a job search, actively seeking alternative opportunities. Remarkably, a substantial 75% of the participants are contemplating transitioning to sectors outside of the trucking industry for potential employment avenues.

Other takeaways from the survey found:

  • 83% said the average consumer would feel the effects of Yellow’s closing
  • 54% said Yellow’s closing had the potential to cause instability in the trucking sector
  • 53% said it would increase competition for available jobs
  • 47% said it would cause disruption within the supply chain 
  • 47% also said Yellow’s shutdown would create opportunities for local trucking companies
  • 45% said it would create demand for other carriers
  • 44% said they felt sadness over Yellow’s closing
  • 42% said they were shocked by it
  • 40% said it would create better working conditions and benefits for drivers

Moreover, an additional noteworthy finding emerged from the survey: every sixth driver expressed apprehension regarding the future of their respective employers.

The survey outcomes further revealed a prevailing desire among the majority of truckers to significantly enhance their personal circumstances. A striking 87% of respondents indicated their pursuit of a salary hike within the current year, with the average requested raise amounting to 42%.

Notably, on August 6th, Yellow Corporation declared its closure and initiation of Chapter 11 bankruptcy proceedings. Subsequent to this announcement, both Old Dominion Freight Line and Estes Express Lines emerged as contenders in a bid to acquire Yellow’s network of terminals.