The Teamsters Union said, citing legal notice they received from the Yellow Corp., that the trucking company has ceased its operations and filed for bankruptcy after failing to pay millions in debt. 

"The Teamsters Union was served legal notice today that Yellow Corp. is ceasing operations and filing for bankruptcy," the trade union said in a statement on Monday.

"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. This is a sad day for workers and the American freight industry," Teamsters General President Sean M. O’Brien was quoted in the statement as saying.

Darren D. Hawkins CEO of Yellow Trucking has received over $10M in compensation over the past 4 yrs while taking $700M from the US taxpayers and prepares to shut down Yellow putting 30,000 employees incl Teamsters out of work. Trump business model.🤡 pic.twitter.com/61weeIIcGv

— Denny Sandberg 🇺🇸🇺🇦 🌊 🌈Ally (@desand222) August 1, 2023

Once one of the largest transporters of goods in the US, the Union said it was taking the necessary measures to provide assistance to 30,000 affected members. 

The company had been in operation for nearly a century and was based in Nashville. By March, it had an outstanding debt of about $1.5 billion. $729.2 million of it was owed to the federal government, Fox reported.

Read more: Market investors betting on US economic crash later in 2023