NEW YORK (NEWSnet/AP) — Trucking company Yellow Corp. has declared bankruptcy, marking a significant shift for the U.S. transportation industry and shippers nationwide.

The Chapter 11 bankruptcy, which was filed Sunday, comes just three years after Yellow received $700 million in pandemic-era loans from the federal government. But the company was in financial trouble long before that — with industry analysts pointing to poor management and strategic decisions dating back decades.

Former Yellow customers and shippers will face higher prices as they take their business to competitors, experts say — as Yellow historically offered the cheapest price points in the industry.

“It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business,” CEO Darren Hawkins said in a news release late Sunday. “For generations, Yellow provided hundreds of thousands of Americans with solid, good-paying jobs and fulfilling careers.”

Yellow, formerly known as YRC Worldwide Inc., is one of the nation’s largest less-than-truckload carriers. The Nashville, Tennessee-based company had 30,000 employees across the country.

The Teamsters, which represented Yellow’s 22,000 unionized workers, said last week that the company shut down operations in late July following layoffs of hundreds of nonunion employees.

The company said it has asked the U.S. Bankruptcy Court in Delaware for permission to make payments, including for employee wages and benefits, taxes and certain vendors essential to its businesses.

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