The market abhors variability and uncertainty,' wrote Mike Regan, co-founder of TranzAct Technologies, which manages transportation services for retailers. 'The Teamsters actions induced a high level of variability and uncertainty in the market for Yellow's customers. While the extension held off a July 24 strike, the threat of a walkout that could disrupt operations prompted a wave of Yellow customers to bolt. A week ago, a pension fund agreed to extend health benefits for workers at two Yellow operating companies after the carrier missed its $50 million benefits payment to the fund on July 15, the union said. The shutdown comes just days after a Teamsters strike at the company was averted. A strike threat delivered the final blow to cash-poor Yellow 'Yellow appears to be headed to a complete shutdown within the next few days,' said Teamsters National Freight Director John Murphy in a Friday memo shared with NPR. The same day, Teamsters had advised Yellow employees to 'prepare for the worst.' Yellow laid off an unknown number of its employees on Friday, reported FreightWaves, citing a memo sent to staff informing them that the company is 'shutting down its regular operations' and 'laying off employees at all of its locations.' Yellow has not responded to NPR's requests for comment. Yellow says it will issue a public statement on Monday about 'the state of the company and the operation,' according to the industry outlet FreightWaves, which also obtained internal documents. The union's announcement comes hours after The Wall Street Journal reported that Yellow shut down on Sunday afternoon, citing internal notices sent to customers and employees. 'This is a sad day for workers and the American freight industry.' 'Today's news is unfortunate but not surprising,' said Teamsters General President Sean O'Brien. The Teamsters union, which had been locked in contentious negotiations for a new contract with Yellow, said it received a legal notice that Yellow is ceasing operations and filing for bankruptcy, according to a news release posted Sunday night. Employees were told to prepare for a company shutdown

Yellow has not publicly announced any plans for bankruptcy or a potential shutdown.

LTL companies move pallet-sized shipments - smaller than a container, but bigger than a parcel. The company, formerly known as YRC Worldwide, is the third largest less-than-truckload carrier by revenue, behind FedEx and Old Dominion.

With 30,000 jobs at stake, it's poised to be the largest trucking bankruptcy in the history of the U.S., experts said. The company is expected to file for bankruptcy as soon as Monday, according to industry experts, following a recent exodus of customers amid union strife and on top of years of financial troubles. Yellow, a trucking company that just three years ago took a $700 million federal pandemic loan, is shutting down, according to the Teamsters union, which represents the company's 22,000 unionized workers. It's the end of the road for one of the nation's largest freight carriers. Despite no official announcement from the trucking company, industry experts say Yellow faces an imminent shutdown. Yellow box trailers are seen last month at a terminal in Medley, Fla.

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