Gray Transportation, a Waterloo, Iowa-based carrier, is negotiating for a possible sale amid rumors the company is shutting down.

"We're working with our customers and the buyer. We're probably looking at a Friday deadline," Darrin Gray, company president, told FreightWaves in an interview when asked about the possible closing of the company.

Family-owned Gray Transportation was founded in 1984 with one truck and a handful of employees. Today, the company has a fleet of over 160 trucks, 500 trailers and 100 drivers, offering over-the-road dry van solutions.

Gray Transportation services the Midwest. The company also operates a brokerage called Hawkeye Logistics.