The abrupt closure of an Akron trucking company last month came at the end of a difficult year for the industry.
GDS Express shut down, putting 75 drivers out of work right before Christmas. Last Spring, Falcon Transport in Youngstown closed suddenly.
Kevin Hill is director of editorial and research for industry publication FreightWaves. He says the closures are indicative of a larger trend nationwide.
“We just have this amount of overcapacity that needs to be corrected, and part of that is trucking companies contracting, selling away nonproductive assets, or for those unlucky few, basically declaring bankruptcy or closing up shop.”
Hill anticipates more closures moving forward, but by mid-2020 he expects to see a more balanced market.
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