NEW YORK — Yellow Corp., a once-leading trucking enterprise in the US, has declared bankruptcy, marking the end of its 99-year operation which supported 30,000 jobs.
The Nashville-based logistics firm disclosed on Sunday that it had sought Chapter 11 bankruptcy protection in the US Bankruptcy Court for Delaware.
“It is with great regret that Yellow announces its closure after nearly a century of service,” said CEO Darren Hawkins in a statement.
“While it’s rare to remain with one company for decades today, many at Yellow did. For generations, we provided countless Americans with stable, well-paying jobs and rewarding careers.”
Yellow anticipates reaching a plan with its creditors, subject to court approval, to cover certain employee wages, benefits, and some obligations to vendors.
The company listed numerous creditors in its filing, with notable unsecured claims from Amazon, Home Depot, and Goodyear Tire & Rubber Company among its 30 largest creditors.
The bankruptcy announcement follows a suspension of operations more than a week earlier, leading to the layoffs of 30,000 employees. Yellow had previously warned in a lawsuit of its risk of exhausting operational funds.
