NORTH LIMA, Ohio - A looming bankruptcy has brought the closing of a major trucking company, including the shutdown of a shipping hub here in the Valley.

A sign posted on the entrance gate to the Holland facility at 10855 Market Street notified employees and customers that all company operations ceased as of noon Sunday.  The notice advised employees to contact their union representatives.

The Teamsters announced in a news release early Monday that Holland’s parent company, Yellow Corporation, has notified the union that it is ceasing operations and filing for bankruptcy.

The news comes just three years after the federal government granted a $700 million Coronavirus Aid relief loan to protect the 30,000 jobs of YRC Worldwide, whose subsidiaries include Reddaway, Holland, and New Penn.

“Today’s news is unfortunate but not surprising. Yellow has historically proven that it could not manage itself despite billions of dollars in worker concessions and hundreds of millions in bailout funding from the federal government,” said Teamsters General President Sean M. O’Brien in a statement. “This is a sad day for workers and the American freight industry.”

As part of the loan deal, the U.S. Treasury received shares totaling 29.6% of YRC’s common stock to be held in a voting trust.  The agreement also included provisions to maintain employment levels and limit executive compensation, dividends, and share repurchases.

The Teamsters announced that it is taking measures to help members get the assistance they need to find jobs throughout freight and other industries.

YRC Freight was formed when Yellow Transportation merged with Roadway in 2009.