A Texas Trucking Company Now Files an Unexpected Bankruptcy
A Texas trucking company now files an unexpected bankruptcy during a time where America already has a shortage of drivers.
“More than 80,000 drivers are needed to make up a shortage in America this year.
And unfortunately, this problem doesn’t look like it will be solved anytime soon.
It is believed that by the year 2030, there will be a shortage of 160,000 truck drivers,” the American Journal of Transportation (AJOT) reported.
J.J. & Sons Logistics, which operates as JJ Transport, has now filed for Chapter 7 bankruptcy liquidation, “four days before a wrongful death civil trial filed by the family of one of its former drivers who drowned in 2016 was slated to start in El Paso County, Texas,” FreightWaves reported.
The company has been operating since 2000.
The company had employed 19 drivers using 18 trucks.
Its website, which is still up, shared the following description of the company:
“Fast and friendly, we offer professional services throughout the Southwest area. Our team of pros is up for any job, from big to small.
Customers know that we stand behind our work, putting your satisfaction as our #1 priority.
What really makes us stand out is our dedication, great prices, and attention to detail.”
In its bankruptcy filing, JJ Transport reported that its assets were $500,000 while it reported liabilities between a whopping $100 million and $500 million.
It’s not just the United States that has a shortage of truck drivers.
The International Road Transport Union’s 2023 driver shortage report found more than three million truck driver jobs are unfilled, or 7% of total positions, in 36 countries studied, reports TheStreet.
“With the huge gap between young and old drivers growing, it will get much worse over the next five years without significant action,” the IRU reported.
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Also Read: A Massive Furniture Company Now Lays Off 1,650 Employees
Other Economy News Today
A tech company now announces unexpected layoffs after its latest acquisition, affecting nearly 2,000 employees.
Microsoft is laying off 1,900 workers in its Gaming unit, CNBC reports.
The cuts represent around 9% of the 22,000 Microsoft Gaming employees and come three months after Microsoft closed on its $69 billion acquisition of Activision Blizzard.
Blizzard’s president, Mike Ybarra, is leaving, along with Blizzard co-founder and design leader Allen Adham.
Microsoft Gaming CEO Phil Spencer said that the layoffs were part of a larger “execution plan” that would reduce “areas of overlap,” a little more than three months after Microsoft closed on its acquisition of Activision Blizzard.
Activision Blizzard is the publisher and developer of several massive gaming franchises, including Call of Duty and Diablo.
Its mobile gaming subsidiary, King, is the developer behind Candy Crush Saga.
Microsoft shares were largely flat on the news, in part because layoffs are often expected after large mergers close.
Microsoft’s $69 billion acquisition of Activision Blizzard was the company’s largest ever deal, more than double the size of its 2016 purchase of LinkedIn.
Tech companies have made deep cuts just weeks into 2024, most of which were unrelated to mergers and acquisitions.
The layoffs, at companies ranging from Tencent-owned Riot Games to TikTok to Discord, follow a dismal 2023 which saw more than 100,000 tech workers laid off.
Earlier this week, eBay said it would lay off 1,000 workers, while SAP said it would shift or buy out 8,000 employees.
Unlike the Microsoft layoffs, eBay and SAP saw a significant bump in their share prices after their announcements.
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Also Read: SNAP Benefits Will Now Increase For The Year 2024
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The only ones claiming there is a shortage of drivers are the mega carriers and ‘parrots’. Rather than treating their drivers well enough so they will stay on with the mega carriers, they would much rather see a “puppy mill for drivers” which results in lots of new and inexperienced (less safe than experienced veteran drivers) that they can then hire for minimal pay. Meanwhile, many people that don’t know any better just parrot what the mega carriers and the American Trucking Association, ATA put out there. Try listening to some of the driver associations like OOIDA and others that support the drivers as opposed to the big companies.
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