Yellow Corporation To Close, Lay Off 30,000 Employees, and Likely Default on $700 Million Pandemic Aid Loan

Last month, Reason reported that Yellow Corporation, the trucking company formerly known as YRC Worldwide, was laying off employees and would soon file for bankruptcy.

In a Sunday night press release, the company confirmed that it had filed for Chapter 11 bankruptcy protection. It plans to "wind down" its business operations and lay off its 30,000 employees.