Photo: Joe Raedle / Getty Images News / Getty Images
Over 30,000 people are out of work after one of the nation's oldest trucking companies abruptly shut down over the weekend.
Tennessee-based Yellow Corp announced its shutdown on Sunday, after it was unable to agree on a new contract with the Teamsters union, which represented roughly 22,000 Yellow drivers.
The 99-year-old company was more than $1.5 billion in debt and will file for bankruptcy, according to union officials.
Yellow was once a dominant force in the trucking industry, but accounted for just 7% of LTL shipments in the U.S. last year.
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