The 99-year-old trucking company Yellow Corp. shut down operations July 30, putting 30,000 people out of work.

Prior to the shutdown, the organization had been negotiating a new contract with the Teamsters union that represents 22,000 workers at the company.

Yellow avoided a strike July 24 after reaching a deal with the union that gave the company 30 days to make up a missed $50 million payment to the Central States Health and Welfare Fund that provides benefits for the business’ workers. Despite reaching a deal, Yellow stopped picking up freight from its customers during the week of July 24 and was only making deliveries of products already in the company’s system, according to the union and trucking industry consultant Satish Jindel. Shortly after that, the Teamsters said July 27 they failed to sign a new collective bargaining agreement with Yellow.

Just four days later, the union was notified of the company’s shutdown and bankruptcy filing July 31, according to CNN.

“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 President Sean O’Brien in a statement. "This is a sad day for workers and the American freight industry."

Yellow Corp officials have not responded to requests for comment sent out July 30 and July 31.