GET DAILY REPORT FREE
US Logistics Solutions, a Texas-based trucking company, is shutting down after filing for bankruptcy, in one of the largest trucking failures since less-than-truckload giant Yellow collapsed last year, The Wall Street Journal reports.
The company said Monday it had been notified by its lender that it wouldn’t receive sufficient funding to continue operations. The closure will eliminate about 2,000 jobs and pull more than 500 trucks from a troubled American trucking market.
The company said it had explored alternatives to shutting down ”including seeking additional investment and strategic partnerships” but that “the abrupt cessation of funding left the company with no other recourse.”
US Logistics Solutions specialized in moving apparel and other retail goods from warehouses to distribution hubs and then on to stores, mostly in malls and strip malls. It provided a lower-cost service by pooling several customers’ cargo in a single trailer.
