COPLEY TOWNSHIP, Ohio — Several small signs posted at the Yellow Trucking Company terminal in Copley Township confirmed the news that workers feared was coming.
The signs read, "All company operations have ceased as of Sunday, July 30, 2023, at 12 p.m. EDT."
Keith Stephenson has worked for YTC for 35 years, including 16 years as a dock worker at the Copley yard.
He's among nearly 30,000 workers who will lose their jobs nationwide after the company suddenly shut down following 99 years in business.
"It's a slap in the face after all we have done for them," Stephenson said.
Stephenson, 61, said union workers had made several concessions over the years, including cuts to wages and pensions.
"We weren't there to pay off their credit cards, and that's what it basically came down to. The working people of this country shouldn't have to pay corporate America's credit card off," he said.
Multiple reports have said Yellow was struggling financially while also locked in a battle with the Teamsters union. Stephenson criticized the company for being unable to recover after receiving a large government loan in 2020.
"There was a $700 million bailout. They owe $729 million to the federal government," Stephenson said.
Closing down operations means about 600 Yellow workers in Summit County will be out of work, including the men and women who worked at the terminals in Copley and Richfield.
Eliminated jobs include truck drivers, dock workers, mechanics and clerical staff.
Teamsters leaders said bankruptcy for the company appeared to be imminent.
"I know almost every one of them that's lost their jobs. I've worked beside them. I've worked for them or with them throughout that whole time. It's personal," said Ed Dodson Jr., the business agent organizer for Teamsters Local 24.
Teamsters are still determining how much the supply chain will be affected by the shutdown, pointing out that other trucking companies will likely step up. Union leaders also said that the LTL (lighter than truckload) market is soft right now.
"It's always been picked up. We've lost companies before, unfortunately. Maybe another will pop up," Dodson added.
Travis Bornstein, president of Teamsters Local 24, said he's working to find ways to help the hundreds of local Yellow workers who find themselves without work.
"We are in the process right now, working with Ohio Jobs and Family Services to help them with getting unemployment and the possibility of maybe retraining," Bornstein said.
In addition to the extensive job loss, there will also be a significant loss of income tax dollars for many communities.
Richfield Mayor Michael Wheeler estimated the city's potential income tax dollar loss would be between $200,000 and $1 million.
There's also the lingering question of what becomes of the large truck yard properties.
"The location is good, and there's rail spur here. That'll be probably the biggest impact for us: What will repurpose the property, if it's transportation again, or it could be something else?" said Copley Township Trustee Scott Dressler.
In the meantime, Stephenson, who had hoped to retire with YTC, is now forced to figure out what's next.
"Find another job. That's all you can do," Stephenson said. "You just keep putting one foot in front of the other."
Akron Mayor Dan Horrigan's Office issued the following statement about the company shutting down:
"Yellow Trucking Company's closure is certainly disappointing. Any loss of jobs impacts our economy and especially the loss of good union jobs. The City of Akron will continue to strive towards creating the best economic opportunities for our residents and our community at large."
RELATED: Trucking firm Yellow Corp. files for bankruptcy, ceases all operations
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