Trucking Giant To Declare Bankruptcy

[Dana7360]

This is one of the largest trucking companies in the nation. It's one out of 640 trucking companies that went bankrupt this year. Which is 3 times as many that went bankrupt last year. This will result in over 3 thousand truckers to lose their jobs. Many are being stranded without a way to get home.

It's being described as a bloodbath.

All of this can't be put on trump. The bush boy started to allow truckers from Canada and Mexico on our highways. Before the bush boy all goods were taken to the US border then handed over to our truckers to distribute throughout the nation.

trump's tariff war and canceling of NAFTA have taken a huge toll on the trucking industry. The fact that manufacturing is in recession is also harming the industry. The trucking industry has been in recession for 11 months.

This can't go on without serious consequences and damage to our nation.

An American trucking giant is slated to declare bankruptcy — and it may leave more than 3,200 truck drivers stranded and jobless

Another 1,000 truck drivers lost their jobs in November, and it's a chilling sign for the economy

America's largest truck-engine manufacturer just announced 2,000 layoffs — and it's another sign of the trucking 'bloodbath' that's slamming the $800 billion industry

Truckers are becoming more and more pessimistic about the US economy

Truckers can't pay off their fuel cards — and it's a 'sure sign' that more trucking bankruptcies are coming

 

[Bruce_T_Laney]

This is one of the largest trucking companies in the nation. It's one out of 640 trucking companies that went bankrupt this year. Which is 3 times as many that went bankrupt last year. This will result in over 3 thousand truckers to lose their jobs. Many are being stranded without a way to get home.

It's being described as a bloodbath.

All of this can't be put on trump. The bush boy started to allow truckers from Canada and Mexico on our highways. Before the bush boy all goods were taken to the US border then handed over to our truckers to distribute throughout the nation.

trump's tariff war and canceling of NAFTA have taken a huge toll on the trucking industry. The fact that manufacturing is in recession is also harming the industry. The trucking industry has been in recession for 11 months.

This can't go on without serious consequences and damage to our nation.

An American trucking giant is slated to declare bankruptcy — and it may leave more than 3,200 truck drivers stranded and jobless

Another 1,000 truck drivers lost their jobs in November, and it's a chilling sign for the economy

America's largest truck-engine manufacturer just announced 2,000 layoffs — and it's another sign of the trucking 'bloodbath' that's slamming the $800 billion industry

Truckers are becoming more and more pessimistic about the US economy

Truckers can't pay off their fuel cards — and it's a 'sure sign' that more trucking bankruptcies are coming

I mentioned it the other day in another thread this could kickstart the recession as soon as next year.

With a recession in the trucking industry mean less product being moved across the country, so will this trickle down during the election year?

If not expect 2021 to be rocky as hell...

I have not felt this nervous since 2007...

 

[Rambunctious]

Have you taken a drive on an interstate lately?.....there are thousands of trucks on the road...more than we have seen in years....one company out of hundreds going for chapter 11 is not a sign of anything but poor management.....and they will rearrange their debt and the predicted layoffs will not materialize.....

 

[georgephillip]

There's evidence of impending economic turmoil coming from US farms, as well:

Farm Bankruptcies Surge

"NPR's Michel Martin speaks with Dale Moore, executive vice president of the American Farm Bureau Federation, about its recent report that shows farm bankruptcies are up 24% from last year."

If economic events in November 2020 remind voters of events in 2008, Republicans may not recover for a generation.

 

[depotoo]

I’ve never heard of Celadon.

 

[depotoo]

Maybe this has something to do with it?
Feds charge former Celadon executives with securities fraud

 

[pknopp]

Wal Mart is hiring.

 

[depotoo]

Wal Mart is hiring.

And Walmart’s executives haven’t been charged with fraud.

 

[pknopp]

Wal Mart is hiring.

And Walmart’s executives haven’t been charged with fraud.

The fraud is a direct link to the bankruptcy but that is how business works today. That noted, the facts are things are slowing down.

 

[TomParks]

This is actually good news...many trucking companies can’t find enough workers now

 

[Penelope]

Have you taken a drive on an interstate lately?.....there are thousands of trucks on the road...more than we have seen in years....one company out of hundreds going for chapter 11 is not a sign of anything but poor management.....and they will rearrange their debt and the predicted layoffs will not materialize.....

What about this part in the OP's first link:

2019 has been a challenging year for truck drivers and their employers. In the first half of the year, about 640 trucking companies went bankrupt, according to industry data from Broughton Capital LLC. That's more than triple the number of bankruptcies from the same period last year - about 175.

 

[2aguy]

This is one of the largest trucking companies in the nation. It's one out of 640 trucking companies that went bankrupt this year. Which is 3 times as many that went bankrupt last year. This will result in over 3 thousand truckers to lose their jobs. Many are being stranded without a way to get home.

It's being described as a bloodbath.

All of this can't be put on trump. The bush boy started to allow truckers from Canada and Mexico on our highways. Before the bush boy all goods were taken to the US border then handed over to our truckers to distribute throughout the nation.

trump's tariff war and canceling of NAFTA have taken a huge toll on the trucking industry. The fact that manufacturing is in recession is also harming the industry. The trucking industry has been in recession for 11 months.

This can't go on without serious consequences and damage to our nation.

An American trucking giant is slated to declare bankruptcy — and it may leave more than 3,200 truck drivers stranded and jobless

Another 1,000 truck drivers lost their jobs in November, and it's a chilling sign for the economy

America's largest truck-engine manufacturer just announced 2,000 layoffs — and it's another sign of the trucking 'bloodbath' that's slamming the $800 billion industry

Truckers are becoming more and more pessimistic about the US economy

Truckers can't pay off their fuel cards — and it's a 'sure sign' that more trucking bankruptcies are coming

Moron, the exexutives embezzled money and crashed the company, you dope....

 

[2aguy]

This is one of the largest trucking companies in the nation. It's one out of 640 trucking companies that went bankrupt this year. Which is 3 times as many that went bankrupt last year. This will result in over 3 thousand truckers to lose their jobs. Many are being stranded without a way to get home.

It's being described as a bloodbath.

All of this can't be put on trump. The bush boy started to allow truckers from Canada and Mexico on our highways. Before the bush boy all goods were taken to the US border then handed over to our truckers to distribute throughout the nation.

trump's tariff war and canceling of NAFTA have taken a huge toll on the trucking industry. The fact that manufacturing is in recession is also harming the industry. The trucking industry has been in recession for 11 months.

This can't go on without serious consequences and damage to our nation.

An American trucking giant is slated to declare bankruptcy — and it may leave more than 3,200 truck drivers stranded and jobless

Another 1,000 truck drivers lost their jobs in November, and it's a chilling sign for the economy

America's largest truck-engine manufacturer just announced 2,000 layoffs — and it's another sign of the trucking 'bloodbath' that's slamming the $800 billion industry

Truckers are becoming more and more pessimistic about the US economy

Truckers can't pay off their fuel cards — and it's a 'sure sign' that more trucking bankruptcies are coming

Hey.....dumb ass.......

However, the source of Celadon's troubles dates back further than 2019. On Dec. 5, the Securities and Exchange Commission charged two former Celadon executives following a multi-year accounting scandal. The alleged fraud resulted in shareholder loss of more than $60 million.

 

[Rambunctious]

Have you taken a drive on an interstate lately?.....there are thousands of trucks on the road...more than we have seen in years....one company out of hundreds going for chapter 11 is not a sign of anything but poor management.....and they will rearrange their debt and the predicted layoffs will not materialize.....

What about this part in the OP's first link:

2019 has been a challenging year for truck drivers and their employers. In the first half of the year, about 640 trucking companies went bankrupt, according to industry data from Broughton Capital LLC. That's more than triple the number of bankruptcies from the same period last year - about 175.

A "trucking company" can be an owner operator one truck company...small businesses go bankrupt all the time for many different reasons....to suggest that trucking companies are going bankrupt due to a lack of business is absurd giving the on line sales numbers and new businesses we are seeing....any story can be twisted to support ones objective and the objective of this story is to make people think the economy is bad....we all know how foolish that is.....so why do you even bother?....

 

[westwall]

This is one of the largest trucking companies in the nation. It's one out of 640 trucking companies that went bankrupt this year. Which is 3 times as many that went bankrupt last year. This will result in over 3 thousand truckers to lose their jobs. Many are being stranded without a way to get home.

It's being described as a bloodbath.

All of this can't be put on trump. The bush boy started to allow truckers from Canada and Mexico on our highways. Before the bush boy all goods were taken to the US border then handed over to our truckers to distribute throughout the nation.

trump's tariff war and canceling of NAFTA have taken a huge toll on the trucking industry. The fact that manufacturing is in recession is also harming the industry. The trucking industry has been in recession for 11 months.

This can't go on without serious consequences and damage to our nation.

An American trucking giant is slated to declare bankruptcy — and it may leave more than 3,200 truck drivers stranded and jobless

Another 1,000 truck drivers lost their jobs in November, and it's a chilling sign for the economy

America's largest truck-engine manufacturer just announced 2,000 layoffs — and it's another sign of the trucking 'bloodbath' that's slamming the $800 billion industry

Truckers are becoming more and more pessimistic about the US economy

Truckers can't pay off their fuel cards — and it's a 'sure sign' that more trucking bankruptcies are coming

Yup. NAFTA is the culprit here. That and the globalist efforts to destroy this country.

 

[Biff_Poindexter]

Seems like the executives over at Celadon were caught up in securities fraud....

Maybe they were actually innocent and were framed by the Deep State

 

[depotoo]

.3,300-truck Celadon shuttering operations, promises to finish loads and return drivers home
Celadon CEO Paul Svindland blamed multiple factors for the company's demise, including the ongoing legal troubles and expenses surrounding its financial scandal uncovered in 2017 and its debts....

...
The New York Stock Exchange halted trading of Celadon stock in mid-2017 after the company pulled required financial filings.

Celadon pulled the forms after an independent auditor found major discrepancies in the company’s financial reports, with Celadon later reporting that it had overstated its income by as much as $250 million for 2014, 2015 and 2016. The over-reported income was based on an alleged scheme in which former leadership at Celadon sold used trucks at an inflated price to third parties, then bought back the trucks at those inflated prices as a way to avoid recording losses on equipment sales.

The company hasn’t filed quarterly earnings reports for any quarter since late 2017. In its most recent filing, for the first quarter of 2017, Celadon reported a loss of $10 million. The company has since paid a $42 million fine to settle a criminal probe brought by the Securities and Exchange Commission and the Department of Justice. The company also paid $5.5 million to settle lawsuits brought in the wake of its de-listing.
...................

Their crooks doomed the company.

 

[pknopp]

.3,300-truck Celadon shuttering operations, promises to finish loads and return drivers home
Celadon CEO Paul Svindland blamed multiple factors for the company's demise, including the ongoing legal troubles and expenses surrounding its financial scandal uncovered in 2017 and its debts....

...
The New York Stock Exchange halted trading of Celadon stock in mid-2017 after the company pulled required financial filings.

Celadon pulled the forms after an independent auditor found major discrepancies in the company’s financial reports, with Celadon later reporting that it had overstated its income by as much as $250 million for 2014, 2015 and 2016. The over-reported income was based on an alleged scheme in which former leadership at Celadon sold used trucks at an inflated price to third parties, then bought back the trucks at those inflated prices as a way to avoid recording losses on equipment sales.

The company hasn’t filed quarterly earnings reports for any quarter since late 2017. In its most recent filing, for the first quarter of 2017, Celadon reported a loss of $10 million. The company has since paid a $42 million fine to settle a criminal probe brought by the Securities and Exchange Commission and the Department of Justice. The company also paid $5.5 million to settle lawsuits brought in the wake of its de-listing.
...................

Their crooks doomed the company.

And will likely ride off with millions.

 

[K9Buck]

Let's hope this is a harbinger for a catastrophic economic collapse that results in tens of millions of Americans suffering horribly so that we can get a Democrat into the White House because, that is all that matters.

 

[depotoo]

Let's hope this is a harbinger for a catastrophic economic collapse that results in tens of millions of Americans suffering horribly so that we can get a Democrat into the White House because, that is all that matters.

Yep, exactly what they hope.