As the logistics industry faces a very harsh freight cycle bottom, the number of companies having to decrease their employee counts or shut down entirely continues to grow daily. FreightWorks Transport LLC of Rutherfordton, North Carolina made the sad announcement that they now have to draw down and prepare for closure on Tuesday, March 7.
In a video message sent to their drivers, Joyce Siqueira, FreightWorks’ vice president of operations explained the recent events that led to the decision to spin down operations after a “point of no return” was reached. According to a release, they made the decision after “several major customers required massive rate and volume concessions in the prior week.”
According to information sent to us by now former employees, FreightWorks is committed to ensuring drivers will be brought home and none will be left stranded. Fuel cards are still active and working, which is a great sign that the company is not yet under the control of legal services that immediately stop all expenses.
The FMCSA SAFER website says FreightWorks had 186 power units and 140 drivers active. They hauled many types of freight according to the site: general freight, bulk products, gasses and chemicals, refrigerated foods, intermodal goods, and beverages.
This is a breaking story and BackTheTruckUp.com and FreightWaves are working to gather more information.
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