Yellow ceased operations Sunday, preparing bankruptcy, WSJ reports

Yellow Corp. sent out notices to customers and employees saying it was ceasing all operations midday on Sunday, Sarah Nassauer and Paul Page of Wall Street Journal report. The company is preparing to file for bankruptcy and is in talks to sell off all or parts of the business, the paper adds. “Teamsters have kept this company afloat for more than a decade through billions of dollars in wage, pension and work-rule concessions,” a union spokesman told the Journal. “Yellow couldn’t manage itself, and it wasn’t up to Teamsters to do it for them.”