We are experiencing one of the most severe declines in the history of the freight market

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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.
















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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

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