Another US trucking company now files an unexpected bankruptcy in a time where the industry is seeing operations shut down.
Nationwide Cargo Inc., a general freight trucking company that also hauls fresh produce and meat, has now filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Illinois with plans to reorganize its business.
The East Dundee, Ill., shipping company listed $1 million to $10 million in assets and $10 million to $50 million in liabilities in its petition and said funds will not be available to pay unsecured creditors.
The company operates with 183 trucks and 171 drivers, FreightWaves reported.
Nationwide Cargo’s three largest secured creditors in the petition were Equify Financial LLC (owed about $3.5 million,) Commercial Credit Group (owed about $1.8 million) and Continental Bank NA (owed about $676,000.)
The shipping company reported gross revenue of about $34 million in 2022 and about $40 million in 2023.
From Jan. 1 until its petition date, the company generated $9.3 million in gross revenue, per TheStreet.
Earlier, California-based logistics company Wise Choice Trans Corp. shut down operations and filed for Chapter 7 liquidation on Jan. 4 in the U.S. Bankruptcy Court for the Northern District of California, listing $1 million to $10 million in assets and liabilities.
The Hayward, Calif., third-party logistics company, founded in 2009, provided final mile, less-than-truckload and full truckload services, as well as warehouse and fulfillment services in the San Francisco Bay Area.
The Chapter 7 filing also implemented an automatic stay against all legal proceedings, as the company listed its involvement in four legal actions that were ongoing or concluded.
Court papers reportedly did not list amounts for damages.
For more news and updates like this, opt-in for push notifications.
Also Read: Another Facility in South Carolina Now Announces An Unexpected Closure
Other Economy News Today
A clothing retailer now announces the unexpected closure of all locations as it embarks in a new journey to go fully online.
Outdoor Voices will reportedly shut all of its stores on Sunday, employees of the activewear company have said.
Four employees at four different stores, speaking on condition of anonymity, confirmed the March 17 closures to The New York Times.
The publication said it had seen at internal Slack message sent to employees on Wednesday notifying them that the chain “is embarking on a new chapter as we transition to an exclusively online business.”
The message, other reports suggested, doubled as instructions for what to tell customers.
The message, The Times reported, said products in stores will be discounted 50%.
Current and former Outdoor Voices employees at stores in Austin, Denver, Atlanta, Charlotte, New York, Houston and San Diego also confirmed the news to Axios reporters.
One Austin employee who worked on the company’s marketing team told the publication they and other employees were laid off on March 12 and it was “very sudden”.
“Store teams were told by their manager — who were also laid off — that effective as of end of day Sunday that every single one of our Outdoor Voices stores are closing as well,” the unnamed employee said.
Two of the employees the Times spoke to said they were not offered severance.
Outdoor voices has 16 retail locations, according to its website.
The company was founded by Ty Haney in 2014.
Haney left in 2020 and has since made her feelings very clear: “It’s kind of sickening to see how low it’s gotten,” she said in an interview with The Cut in August 2023.
“I feel sad for it.”
For more news and updates like this, opt-in for push notifications.
Also Read: Massive Shoe Retailer Is Now Closing A Quarter of Stores
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Frank Nez’s Stock Portfolio
Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?
Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.
11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.
Recommended For You ✨
About The Author
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.