A US trucking company now declares an unexpected bankruptcy leaving many employees without a job and several others in uncertainty.
Transport Acquisitions LLC, along with three other affiliates, have filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of Indiana.
The company, which has operated for more than 80 years and has 200 trucks with more than 300 units, is expected to let go of 40 employees so far.
No reason was given as to why the entities were forced to file for bankruptcy protection, reports Yahoo Finance.
It lists between $1 million and $10 million in assets and $10 million to $50 million in liabilities in the bankruptcy petition filing.
“A liquidation of the business would result in all employees losing their jobs,” reports Ash Jurberg.
It is the latest blow to the transportation industry in Indiana.
But it is not the only freight company to have experienced difficulties lately.
Last month, Yellow filed for Chapter 11 bankruptcy protection, laying off 30,000 workers.
In what The Wall Street Journal described as “American Trucking’s Largest Bankruptcy,” the Chapter 11 filing revealed estimated total assets of $2.15billion and total debt of $2.59 billion.
Bosses at Yellow pointed the finger at the Teamsters union for the company’s demise.
Around 22,000 employees were Teamsters members.
Chief executive officer Darren Hawkins claimed Teamsters leadership ”was able to halt our business plan, literally driving our company out of business.”
But the union’s general president Sean O’Brien hit back, saying: “Yellow’s dysfunctional, greedy C-suite failed to take responsibility for squandering all that cash. They still don’t.”
But it is not just freight companies that have suffered from high-profile bankruptcies in 2023.
The retail industry has also taken a hammering, with several big names closing down all their stores for good.
Popular US Retailer Now Files For Bankruptcy
A popular US retailer is now filing an unexpected bankruptcy, a pattern that we’ve begun to see gradually grow this year.
Nоblе Hоuѕе, а cоmpаny nоt widеly rеcоgnizеd by itѕ nаmе but knоwn fоr itѕ prоductѕ ѕоld by mаjоr rеtаilеrѕ likе Аmаzоn, Wаlmаrt, аnd Hоmе Dеpоt, filеd fоr Chаptеr 11.
The company iѕ invоlvеd in thе diѕtributiоn, mаnufаcturing, аnd rеtаiling оf indооr аnd оutdооr hоmе furniѕhingѕ, оpеrаting undеr vаriоuѕ brаnd nаmеѕ.
Itѕ bаnkruptcy filing rеvеаlеd ѕignificаnt trаdе dеbtѕ frоm impоrtеrѕ аnd vеndоrѕ in Chinа аnd Viеtnаm, pоѕing а ѕubѕtаntiаl chаllеngе.
“Tо prеvеnt liquidаtiоn, Nоblе Hоuѕе plаnѕ tо ѕеll itѕеlf, аiming tо rеmаin а gоing cоncеrn.
Thе cоmpаny hаѕ ѕеcurеd cоurt pеrmiѕѕiоn tо mаkе еѕѕеntiаl pаymеntѕ, еnѕuring kеy ѕuppliеrѕ cоntinuе tо ѕhip prоductѕ.
It hаѕ а bаѕеlinе bid frоm GigаClоud Tеchnоlоgy tо buy it fоr $85 milliоn, with thе pоtеntiаl fоr highеr bidѕ during thе ѕаlе prоcеѕѕ, ѕubjеct tо cоurt аpprоvаl,” reports Summer on NewsBreak.
When the company filed for Chapter 11, it owed suppliers and warehousers in its supply chain some $10 million from the period leading up to its bankruptcy, according to a court filing.
Founded in 1992, the family-owned company drop-ships merchandise for some of the largest retailers in the U.S., including Amazon, Walmart, Costco, Wayfair, Overstock, Target and Home Depot, the company’s current CFO, Gayla Bella, said in court papers.
Among its wholesale customers are off-price giants Ross Stores and TJX Cos.
“The company entered bankruptcy with a baseline bid from the logistics and technology firm GigaCloud Technology to buy it for $85 million,” reports Retail Dive.
Also Read: Massachusetts Now Becomes The Next State to Experience Massive Layoffs
Other Economy News Today
Chase customers are now reporting painful card and ATM problems nationwide as users experience card declines and ATM outages.
Just last month, more than 16,000 Chase ATMs were down across the country, preventing customers from being able to access any cash.
The outage was due to an internal technology-related issue, a source said on condition of anonymity.
Now exactly one month later, Chase customers are reporting not just ATM problems again, but cards malfunctioning as ‘declines’ persist despite having money in accounts.
Alyssa from Indiana says she continues to have issues with her card.
“It’s still down here in Indiana. Tried to get gas last night and this morning and still declining.”
“Atm’s are down can’t deposit cash”, says another Chase customer.
Customers like Crystal Moore are now falling behind on their bills due to persisting ‘decline’ issues.
“I cant pay my cell phone and I have money in my account. Online, over the phone, all declined.”
These reports have started in just less than 24hrs with customers advising of having problems with the bank for two days now.
“This is insane. My card isn’t working anywhere; “Insufficient Funds” despite having more than enough in my account? And they told me they have “No timeline” for when I’ll be able to access MY money?? And that the ATM wont work either,” says a Chase customer on Tuesday.
Just earlier last month users were reporting being locked out of their accounts when Chase’s website was preventing customers from logging in.
As much as 71% of reports that were coming in were from login issues, 19% from transfer and wire issues, and 10% of reports still came in from problems with ATMs after the massive outage.
Is Chase becoming less reliable? Leave your thoughts in the comment section down below.
Also Read: Banks Are Now Closing Thousands of Accounts Daily
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The new NCR ATM machines are absolute junk in my opinion. They have been installed at both Chase as well as Walmart. They are absolutely slower than any other ATM I use and are prone to being down or rejecting login data. I suspect they are cheaper to buy.
That’s right. Blame the unions for Yellow Trucking demise. According to Rick Smith, of the Rick Smith show, Yellow Trucking used to be a good company until upper management started doing things the wrong way.
B of A is closing the bank building in my town. “you can use a bank nearby”. Nope, nearby is at minimum 120 miles. ATm’s are great when they work, but there are things they can’t do, like order foreign currency, or have a real person to talk to. Soon I’ll have to go 120 miles, maybe more, to talk to a real person. Really?
Leave your thoughts below.