The freight market is experiencing a severe recession and bloodbath.
Here is a round-up of the doom and gloom headlines that have occurred in one of the worst downturns in freight market history.
Full articles and ongoing coverage on FreightWaves.
1/🧵
Here is a round-up of the doom and gloom headlines that have occurred in one of the worst downturns in freight market history.
Full articles and ongoing coverage on FreightWaves.
1/🧵
30,000 employees out of work when trucking firm Yellow shuttered 2/ 
Convoy, the $3.8B valued VC-backed freight brokerage shut down 3/
Nearly $500M in debt catches up to air cargo operator Western Global Airlines 4/
After the founder embezzles $25M to purchase a G-550 and $5M mansion in Texas, Goldman-backed Slync winds down operations 5/
Freight broker with $200M in revenues files for bankruptcy as company experiences 30% drop in revenues 6/
200 employees lose their jobs when FreightWorks transport shuts down 7/
125 out of work when Texas-based freight brokerage shutters ($65M in revenues) 8/
157 out of work with California-based trucking and brokerage firm shuts 9/
Hundreds out of work when $200M Meadow Lark shuts down 10/
90 employees out of work when Michigan-based trucking firm closes 11/
Ted Prince's Tiger Cool shutters 12/
Hundreds of jobs impacted when Indiana carrier filed for bankruptcy 13/
Elite Transport fails to pay carriers since May, leaving many to expect an imminent bankruptcy filing 14/
Freight brokerage leaves carriers with millions in unpaid 15/
Texas-based trucking company shutters, 37 out of work
16/
16/
Ameritrans, a postal contractor, files for bankruptcy leaving millions in unpaid wages and contractor payments 17/
455 out of work when Florida operator shuts down 18/
Reefer carrier and warehouse operator shutters 19/
42 truck operator shuts down 20/
LTL operator with hundreds of employees shuts down 21/
500 employees impacted when California trucking operator files for bankruptcy 22/
Nuclear verdict bankrupts carrier with 110 trucks 23/
Iowa trucking firm with 25 trucks shutters after 24 years 24/
Postal carrier with more than 400 shutters 25/
Postal carrier w/ 50+ employees shutters 26/
Two PA-based postal carriers shutter 27/
Iowa-based Citizens Bank failed due to over-exposure to its commercial trucking portfolio 28/
https://twitter.com/JG_Nuke/status/1720878104317493750?s=20
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