by polloponzi
Here is a round-up of the doom and gloom headlines that have occurred in one of the worst downturns in freight market history.
30,000 employees out of work when trucking firm Yellow shuttered 2/ pic.twitter.com/NdBSIIfIxE
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) November 4, 2023
Nearly $500M in debt catches up to air cargo operator Western Global Airlines 4/ pic.twitter.com/NsjSFMCvLu
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) November 4, 2023
Freight broker with $200M in revenues files for bankruptcy as company experiences 30% drop in revenues 6/ pic.twitter.com/thQrcUTD77
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) November 4, 2023
200 employees lose their jobs when FreightWorks transport shuts down 7/ pic.twitter.com/VZM3qRcKa8
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) November 4, 2023
157 out of work with California-based trucking and brokerage firm shuts 9/ pic.twitter.com/dHsUMLNsGx
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) November 4, 2023
Hundreds out of work when $200M Meadow Lark shuts down 10/ pic.twitter.com/5R9b2Rp9Jl
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) November 4, 2023
Ted Prince's Tiger Cool shutters 12/ pic.twitter.com/YGjPYImdbP
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) November 4, 2023
Hundreds of jobs impacted when Indiana carrier filed for bankruptcy 13/ pic.twitter.com/tD3EdTnF00
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) November 4, 2023
Elite Transport fails to pay carriers since May, leaving many to expect an imminent bankruptcy filing 14/ pic.twitter.com/Rrix9M9gZk
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) November 4, 2023
Texas-based trucking company shutters, 37 out of work
16/ pic.twitter.com/YmayoU8HWG— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) November 4, 2023
455 out of work when Florida operator shuts down 18/ pic.twitter.com/QQzyCknd14
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) November 4, 2023
42 truck operator shuts down 20/ pic.twitter.com/1PCIxYyY5C
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) November 4, 2023
500 employees impacted when California trucking operator files for bankruptcy 22/ pic.twitter.com/CRI1KGurrQ
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) November 4, 2023
Iowa trucking firm with 25 trucks shutters after 24 years 24/ pic.twitter.com/5FX2Roaz7Z
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) November 4, 2023
Postal carrier with more than 400 shutters 25/ pic.twitter.com/yiUrgyHEJL
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) November 4, 2023
Two PA-based postal carriers shutter 27/ pic.twitter.com/FNXlqb1TsO
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) November 4, 2023
Trucking employment imploding as industry faces unprecedented headwinds t.co/DYPltEoy7H
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) November 5, 2023
Demand for fuel for trucks imploding, too! 📉 👀t.co/UYno4udsSa
— Invariant Perspective (@InvariantPersp1) November 5, 2023
Shutting down operations due to a “massive freight recession”
…We hoped this day would never come. We spent over 4 months exhausting all viable strategic options for the business. However, none of the options ultimately materialized into anything sufficient to keep the company going in its then current form.
So, what happened? In short, we are in the middle of a massive freight recession and a contraction in the capital markets. This combination ultimately crushed our progress at the same time that it was crushing our logical strategic acquirer – it was the perfect storm.
Bezos-backed freight firm Convoy shuts down after slashing hundreds of jobs. Read the CEO’s memo to employees