Indiana trucking company bankruptcy the tip of the iceberg for strained industry – By Brittany De Lea (FOXBusiness) / Dec 9 2019
Indiana-based trucking company Celadon Group, which filed for bankruptcy Monday, is the latest in a string of company closings that have made 2019 a particularly painful year for the industry.
While Celadon Group, which shut down all operations as of Monday, was weighed down by costs related to an alleged fraud scheme among former executives, other companies in the industry have been faced with a variety of economic challenges that have led to hundreds of closings.
Trucking companies are failing at a fast rate in 2019. The pace at which companies are failing is about double the pace of 2018. In the first half of the year alone, 640 trucking companies had failed and more than 20,000 trucks had been pulled from the road.
In 2018, 310 companies failed.
Among the big companies that failed in 2019 is New England Motor Freight, which employed more than 1,400 drivers. HVH Transportation, Falcon Transport and LME have all shuttered operations this year, too.
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