A US company now files an unexpected liquidation bankruptcy after it accumulated too much debt to handle, sources report.
TBL Logistics, a Virginia-based national freight company, filed for Chapter 7 bankruptcy on February 29 in the U.S. Bankruptcy Court for the Western District of Virginia.
“In its filing, TBL Logistics listed its assets and liabilities as between $1 million and $10 million.
The company stated that it has up to 49 creditors and maintains that no funds will be available for unsecured creditors once it pays administrative fees,” Freightwaves reported.
The company’s owners, Christopher and Melinda Bradner, did not respond to the website’s request for comment, reports TheStreet.
Before it closed, TBL Logistics specialized in refrigerated and oversized loads.
The company described its business on its website as follows:
“TBL Logistics is a non-asset-based third-party logistics freight broker company providing reliable and efficient transportation solutions, management, and storage for businesses of all sizes.
With our extensive network of carriers and industry expertise, we streamline the shipping process, ensuring your goods reach their destination safely and on time.”
The truck-driver shortage is not just a U.S. problem; it’s a global issue, according to IRU.org.
“IRU’s 2023 driver shortage report has found that over three million truck driver jobs are unfilled, or 7% of total positions, in 36 countries studied,” the global transportation trade association reported.
“With the huge gap between young and old drivers growing, it will get much worse over the next five years without significant action.”
Not every bankruptcy filing explains why a company has gone out of business.
In the trucking industry, multiple recent Chapter 7 bankruptcies have also been tied to lawsuits that pushed otherwise successful companies into insolvency.
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Also Read: Beloved Retailer With 850 Stores Will Now File Bankruptcy
Other Economy News Today
This massive grocery now makes an abrupt and unexpected closure after it gave final shoppers only 15 minutes before shuttering.
Kroger reportedly rushed customers out of a store and shut down one of its locations due to a major health inspection failure, reports The-Sun.
The grocery store’s Indiana location reportedly had 17 violations during a health department inspection on Wednesday.
Customers had 15 minutes to leave the location after the health inspection determined the hazards that were in the building, Hometown News Now reported.
Most notable on the list of issues the store faced was a mice infestation.
The health department first put the Kroger on probation after to mouse droppings were spotted in multiple areas within the store since early last year.
They also found gaps and holes in walls, providing mice with ways to get inside the building.
The grocery store attempted to rectify the situation last year by hiring pest control, according to health department records.
Kroger also placed its own traps throughout the store, causing staff to find dead mice in areas like the deli section.
Many customers had reported finding holes chewed through their food packaging.
Records showed that even a bagel was partially bitten into and the wrapper of a mozzarella cheese ball had been gnawed through.
Others claimed they found droppings under bags of dog food, packaged candy, and other places.
On Wednesday, the health department uncovered other issues including dirt and food accumulating on the floors and mice droppings near boxes of cereal.
The store was previously threatened to be shut down in August if the complaints from customers did not stop.
However, the issues were never rectified, which led to Kroger being found in violation of its probationary status, resulting in a shutdown order.
Kroger confirmed that the store will be shut down indefinitely.
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Also Read: A New Wave of Unexpected Layoffs Now Hits Illinois
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