
Yellow Corp., a once-dominant US trucking company, has filed for bankruptcy as it winds down its 99-year-old business that employs 30,000 workers.
The Nashville-based logistics provider announced Sunday it had filed for Chapter 11 relief in the US Bankruptcy Court for the district of Delaware.
“It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business,” CEO Darren Hawkins said in a statement.
“Today, it is not common for someone to work at one company for 20, 30, or even 40 years, yet many at Yellow did. For generations, Yellow provided hundreds of thousands of Americans with solid, good-paying jobs and fulfilling careers.”
Yellow said it expects to reach an agreement with its creditors, pending approval from the court, that will allow it to pay certain wages and benefits, as well as some obligations to vendors and suppliers.
The company disclosed a long list of creditors in its court filing, with Amazon (AMZN), Home Depot (HD) and Goodyear Tire & Rubber Company (GT) among the top 30 with unsecured claims.