Yahoo Finance
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 latest bankruptcy filings and layoff notices highlight continued financial stress across trucking, freight forwarding, warehousing, trailer manufacturing and supply chain services.
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 Oct.
1, according to a Worker Adjustment and Retraining Notification filed with the state.
Fusion Transport provides freight management, warehousing, e-commerce fulfillment and retail consolidation services.
It was not immediately clear whether the Piscataway facility will close permanently after the layoffs.
Several additional trucking and logistics companies also entered bankruptcy proceedings over the past two weeks, underscoring the breadth of financial pressure facing smaller freight operators.
Jackson and Son Hauling LLC, an FMCSA-registered motor carrier based in Ruther Glen, Virginia, filed for Chapter 7 bankruptcy protection on July 13 in the U.S.
Bankruptcy Court for the Eastern District of Virginia.
According to the filing, the carrier operated two trucks and employed two drivers at the time of the petition.
Victory Freight Corp., a San Bernardino, California-based trucking company, filed for Chapter 7 bankruptcy on July 2 in the Central District of California.
Court records indicate the carrier cited a multimillion-dollar legal claim as one of its primary liabilities as it moves to liquidate its assets.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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