As we reported earlier, Yellow Corp. now officially filed for bankruptcy and will remain shuttered throwing 30,000 people out of work.
“It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business,” Yellow Chief Executive Officer Darren Hawkins said in a statement.
The carrier will sell its warehouses and trucks in order to repay a pandemic-era, government loan of $737 million and another $485 million in debt it owes private lenders, according to court papers filed Monday in bankruptcy court in Wilmington, Delaware.