Thousands of transport companies in the last two years have closed business for various economic reasons.
About 88,000 transport companies and 8,000 cargo brokerage companies ceased operations in 2023, discovered information on the cargo caviar, and the transport sector was further reduced by about 10,000 carriers of 2024, Truckinfo.net reported.
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Last year, a significant transport company with 75 drivers and 70 power units, Mighty Move Transport of Illinois, filed a liquidation of Chapter 7 in October 2024 and got out of work, as she faced two violations of the contract lawsuits.
Related: huge brand of car parts to liquidate bankruptcy
All litigation is subject to automatic residence during bankruptcy cases.
The American Association for Transport is convinced that the industry will improve in 2025. As she projected in an annual burden for a burden published in January that the amount of trucks will increase 1.6% this year after two years.
Despite the prediction that the industry will recover, several companies have already stopped operating in 2025.
Auto transportation ceases with operations
Automatic company Jack Cooper on February 10, 2025, warned employees in the email that the company had excluded its business after the main manufacturers of Ford and General Motors stopped operating with Trucking.
Ford Motor Co. 1 January 2025. He called for a 30-day termination clause to complete his business contract with Auto Logistics. More bad news came while General Motors on February 6th sent their workers to stop loading new cars on Jack Cooper Trucks.
The transport company could no longer continue to work after losing her job to the two huge car companies.
About a month later, Michigan headquartered in Michigan, Trucking Company Equming Transport CO., which had 100 drivers and 109 electric units, fired all its movements and stopped operating, according to several sources with knowledge of the situation, Freightwaves reported.
The company’s employees had questions about their final wages in March, because some company drivers were waiting for their salaries and others received checks that were returned due to insufficient funds, according to Facebook posts.
The company did not indicate whether to apply for bankruptcy and did not reveal the reason for closing its business.
Image source and colon; Drop
Lti trucking gets out of work
And now, a huge company for transport and logistics LTI Trucking Services has informed its 250 drivers on April 2 to turn off its business, Freightwave reported.
Related: Main furniture company closes, no bankruptcy plans
“After exhausting all the possible options and careful considerations of our circumstances, we made a difficult decision to close the LTI transport services,” the driver said.
More closing:
- Popular Retail Chain to Close Non -Profitable Shop Locations
- Bankrupt retail chain unloading trade, key assets
- Popular seller with a discount of the banking file, closes all stores
The company headquartered in Madison, Ill, reportedly told drivers that they would work with them to get them home immediately and issue them final salaries.
“Every driver who wants to go home right away, we will work with you that way,” the driver said. “We promise you will get all the means you need.”
The company did not indicate whether to apply for bankruptcy protection.
LTI Trucking Services were founded in 2005 in the suburban St. Louis and had 300 tractors and 575 trailers. The company specializes in freight transport under temperature control, delivery to over 30 countries in the Middle West, South and East.
Among the companies whose products sent transport were Ab Inbev, Kraftheinz, Vlasic, Hershey’s, Nestle, Tyson, Hillshire Farm, Kroger, housewife and Sara Lee.
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