A MAJOR trucking company in the Midwest has filed for bankruptcy, affecting 40 employees.
The company has been in business for over 80 years.
Elmer Buchta Trucking LLC, owner Transport Acquisitions LLC, and three other affiliates filed for Chapter 11 bankruptcy on September 8 in the US Bankruptcy Court for the Southern District of Indiana.
Based in Evansville, Elmer Buchta is the largest bulk hauler in Indiana with more than 300 units.
Its total 200 trucks drive a combined 10 million miles annually.
The company has operated in The Hoosier State for over 80 years.
It lists between $1 million and $10 million in assets and $10 million to $50 million in liabilities in the bankruptcy petition filing.
If Elmer Buchta cannot be saved, a full liquidation of the business would see around 40 workers laid off.
But it is not the only freight company to have experienced difficulties lately.
Last month, Yellow filed for Chapter 11 bankruptcy protection, laying off 30,000 workers.
MOTHER TRUCKER
In what The Wall Street Journal described as “American Trucking’s Largest Bankruptcy,” the Chapter 11 filing revealed estimated total assets of $2.15billion and total debt of $2.59 billion.
Bosses at Yellow pointed the finger at the Teamsters union for the company’s demise.
Around 22,000 employees were Teamsters members.
Chief executive officer Darren Hawkins claimed Teamsters leadership ”was able to halt our business plan, literally driving our company out of business.”
But the union’s general president Sean O’Brien hit back, saying: “Yellow’s dysfunctional, greedy C-suite failed to take responsibility for squandering all that cash. They still don’t.”
But it is not just freight companies that have suffered from high-profile bankruptcies in 2023.
The retail industry has also taken a hammering, with several big names closing down all their stores for good.
For example, Bed Bath and Beyond filed for Chapter 11 bankruptcy in April and permanently shuttered all 360 locations over the summer.
Tuesday Morning met the same fate, closing all 200 stores.
But David’s Bridal managed a narrow escape thanks to a buyout that has saved around two-thirds of its store footprint.
