Exhibit 99.2


                                   Media Contact: Mike Brown
                                                360-448-4255


            CONSOLIDATED FREIGHTWAYS STOCKHOLDERS
             UNLIKELYTO RECEIVE VALUE FOR STOCK


     VANCOUVER, Wash. - September 3, 2002 -- Consolidated
Freightways Corp. (NASDQ: CFWYE) said today that it believes
stockholders are unlikely to receive any distribution on
account of their stock ownership. The company and related
entities plan to file petitions for relief under Chapter 11
later today. In its Form 10-Q to be filed today, the company
said that it is unlikely that it will be able to fully
satisfy the claims of creditors from the proceeds of any
sale or liquidation.  Because of this, there will likely be
no money available for distribution to stockholders.  The
length of the Chapter 11 case cannot be determined at this
time.
     The company announced yesterday that it had
discontinued all U.S. operations and would liquidate the
business in an expeditious and orderly manner.