Nashville-based Yellow Corp. is shutting down and will be headed for bankruptcy, reports Associated Press.
“Today’s news is unfortunate but not surprising. Yellow has historically proven that it could not manage itself despite billions of dollars in worker concessions and hundreds of millions in bailout funding from the federal government,” Teamsters General President Sean M. O’Brien said to AP, in an announcement saying the union had been served with legal notice for the bankruptcy filing. “This is a sad day for workers and the American freight industry.”
The closure of the 99-year-old company will mean a loss of 30,000 jobs. Yellow shut down operations on Sunday after the layoff of non-union workers last week.