Yellow Corporation going out of business, file for bankruptcy

ST. LOUIS, Miss. (NBC, KYMA/KECY) - Looming bankruptcy at one of the nation's largest trucking companies could cost tens of thousands of employees their jobs at Yellow Corporation.

The trucking firm has ceased operations and is expected to officially file for bankruptcy protections. This news comes after years of financial struggles and growing debt.

The 99-year-old Nashville based company risks a loss of 30,000 jobs, and workers are bracing for the worst. Some are already shut out of the docks, and at this point, remain unable to file claims for unemployment.

Billy Hawkinson fears this could be the end of the line for his six-year run driving trucks for Yellow Freight.

"Just up in the air. Don't know what's going on. Just coming in day by day. Just trying to figure out, am I going to work today? Are they going to be closed today? What's going on? Well, right now they told us we are not laid off. No Teamsters laid off. But, all the nonunion employees have been laid off. So there's three employees left here and that's it. And so the only thing we can do is just show up Monday and find the gates closed," Hawkinson expressed.

Liquidation at Yellow could mark a significant shift for shippers and the transportation industry nationwide.