Major logistics and trucking company files Chapter 11 bankruptcy
The huge logistics and trucking company files for bankruptcy protection to reorganize.
The logistics and trucking industry has faced economic challenges over the last two years that have been known as the Great Freight recession.
Financial distress among companies in the industry has been the result of a bad economy; decline in demand; low freight rates; rising costs of labor, fuel, and insurance driven by inflation; and fallout from the Covid-19 pandemic, which created a glut of trucks and drivers in the U.S.
