Freight distress report: Warehouse cuts mount, trucking bankruptcies continue

Insight summary

• •Multiple trucking, warehousing, and logistics companies in the US are facing financial distress with recent bankruptcy filings and WARN notices.
• •Humano LLC and SIMOS will permanently cease operations in Avon, Indiana, affecting 586 and 574 employees respectively around August 17.
• •Ryder Integrated Logistics plans 76 permanent layoffs in Plainfield, Indiana, effective July 31 due to customer business changes.
• •Several freight and logistics companies including Tucker Boyz Transportation (Memphis), Travelers Xpress (Fort Lauderdale), Navstar Express (Chicago), Touchstone Logistics (Maryland), and Power Lane Logistics (California) have filed for Chapter 11 or 7 in June.
• •Azhderian Cold Storage in California also filed for Chapter 11, reflecting distress in refrigerated warehousing.
• •The affected companies collectively represent a mix of small to mid-size operators with assets and liabilities ranging from under $50,000 to $10 million.
• •Additional layoffs were reported from Kuehne + Nagel in Texas and GXO Logistics in California with impacts on dozens of workers each.