Bezos-backed freight firm Convoy shuts down after slashing hundreds of jobs. Read the CEO's memo to employees
Digital freight broker Convoy announced Thursday that it's shutting down operations due to ongoing macroeconomic challenges in the freight industry.
www.cnbc.com
Convoy collapsed this week, just a year after a $260 million at a $3.8 billion val. They didn't even have the liquidity to offer severance and didn't give notice. Just, on Friday you don't have a job.
They're citing a freight recession (I don't buy it but that's why I'm asking), cost of capital (legit), and other factors.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/635NY2DG3RP7VF4KNY6OO7KP3Q.jpg)
US trucking firm Yellow files for bankruptcy, blasts Teamsters
Some 30,000 workers at Yellow Corp were looking for jobs on Monday after the major trucking company filed for Chapter 11 bankruptcy protection, potentially saddling U.S. taxpayers with losses from a government rescue of the long-troubled carrier.
www.reuters.com
There are a lot of truckers here...wtf is going on, from your side of things? I have an 8 figure hold on a $200mm credit facility for a logistics company
I have concerns....