Freight distress: layoffs top 245 jobs, nine logistics firms file bankruptcy

Industry

โดย FreightWaves·Read original

Summary · why it matters

Four companies are eliminating nearly 250 jobs at logistics and distribution facilities across New Jersey, North Carolina, Illinois and California, while nine transportation- and logistics-related companies have recently sought bankruptcy protection. The largest announced workforce reduction involves Fusion Transport LLC, a New Jersey logistics provider that plans to lay off 79 employees at its Piscataway facility effective October 1. Frito-Lay will discontinue warehouse operations at its distribution center in Raleigh, North Carolina, on September 6, resulting in the layoffs of approximately 68 employees. D&H Distributing Co. is closing a logistics warehouse in Bolingbrook, Illinois, and laying off all 68 warehouse and operations employees at the location. DHL Supply Chain will eliminate another 33 positions at a facility in Fullerton, California, with layoffs scheduled to take effect September 3. Among the recent bankruptcy filings, Talon Logistics Inc., a drayage and intermodal carrier, filed for Chapter 11 protection on June 29, operating approximately 40 to 50 power units and having invested heavily in zero-emission equipment. Los Dorados Cargo Inc., an international freight forwarder serving Latin American markets, filed for Chapter 11 protection July 9, listing assets of no more than $50,000 and liabilities ranging from $1 million to $10 million. Freedom Trailers LLC, an enclosed cargo trailer manufacturer, filed in the Middle District of Georgia with assets and liabilities each estimated at between $1 million and $10 million, while Stryker Dealership Group LLC, a cargo trailer wholesaler, reported assets of $100,000 to $500,000 against liabilities ranging from $10 million to $50 million.

Impact on stocks 1

Consumer Staples▲ · 1 stocks

Mentioned

Off-coverage companies 6

Talon Logistics Inc.Private▼ Negative

Capitalrelevance

Talon Logistics filed for Chapter 11 bankruptcy protection, indicating severe financial distress.

D&H Distributing Co.Private▼ Negative

Demandrelevance

D&H Distributing is closing a logistics warehouse and laying off 68 employees due to discontinuing operations.

Fusion Transport LLCPrivate▼ Negative

Demandrelevance

Fusion Transport is laying off 79 employees at its Piscataway facility.

Freedom Trailers LLCPrivate▼ Negative

Demandrelevance

Freedom Trailers LLC filed for Chapter 11 bankruptcy, indicating financial distress.

Los Dorados Cargo Inc.Private▼ Negative

Demandrelevance

Los Dorados Cargo Inc. filed for Chapter 11 bankruptcy with liabilities far exceeding assets.

Stryker Dealership Group LLCPrivate▼ Negative

Demandrelevance

Stryker Dealership Group LLC filed for bankruptcy with liabilities far exceeding assets.