Arnold was founded during the Great Depression and survived multiple recessions, stagflation, deregulation, and GFC - only to be killed by this market.
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) May 3, 2024
With 402 trucks, Arnold was one of the largest truckload carriers to be killed off by the Great Freight Recession. pic.twitter.com/sedAKORK3R
92-Year Old Trucking Company Shutters, Along With Others
Arnold Transportation Services, a trucking company with a 92-year history, has shut down its doors. The company filed for Chapter 7 bankruptcy liquidation, marking the end of an era.
In February 2022, Arnold Transportation was acquired by Pride Group Logistics, a Canadian trucking giant. However, just over a year later, both Arnold Transportation and its affiliated companies, including Parker Global Enterprises, Parker Transport Co., and DVP Holding Corp., filed for bankruptcy.
The closure leaves behind 341 former truck drivers and 402 power units, according to federal data. It also raises questions about the future of Pride Group, which is reportedly facing over $637 million in debt.
Also late last week, a Jacksonville, Florida-based trucking company submitted notice of its intent to shut down two divisions and lay off dozens of employees.
On April 30, 2024, Raven Transport Holding Inc. filed a notice with Florida state officials concerning planned layoffs under the Worker Adjustment and Retraining Notification (WARN) Act.
A total of 83 workers, including 57 drivers, will be laid off. According to FMCSA records, Raven employs 352 drivers and operates 340 power units.
Raven shuts over the road and dedicated trucking fleet.
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) May 3, 2024
In the trucking bloodbath in 2019, the bankruptcies surged starting in Q2.
Same vibe in 2024. pic.twitter.com/cWYsOd1ukD