The shut down of the trucking company is effective Monday.
Consolidated Freightways in Rockford employs more than 40 workers 15,000 to 20,000 people are employed by the company nationwide.
Consolidated Freightways trucking in Rockford locked its gates in early Monday morning when workers arrived to get their shipping assignments, they weren't let onto the property.
It's the third largest trucking company in the country, now filing for Chapter 11 Bankruptcy.
23 News has learned consolidated Freightways took out a multi-million dollar loan with General Electric in exchange for the use of Consolidated Freightways trucks.
But, the freight company wasn't able to pay back the loan by the Sept. 1 deadline.
Employees of Consolidated Freightways trucking say they saw they shut down coming, but didn't expect it would happen this soon.
Meanwhile, teamsters local 325 says the union is working hard to make sure all of its members who are now out of jobs will be taken care of.
Consolidated Freightways shares fell almost 70 percent in the past two weeks, after the company failed to report second quarter earnings. It's still not known whether another trucking or shipping company will try for a buy out.