What happened Comcar Industries?

What happened Comcar Industries?

Comcar Industries announced May 17 it is filing for Chapter 11 bankruptcy protection and plans to sell its five operating companies as part of the legal process. In its bankruptcy filing in Federal Court in Wilmington, Del., the company said it had assets of $66.7 million and liabilities of $85.6 million.

Who owns Comcar Industries?

Comcar was founded in 1953 by Guy Bostick, and Mark Bostick is keeping his legacy alive through his people-first philosophy. Comcar has become one of the country’s leading carriers, running four separate companies, with offices in more than 45 locations nationwide.

What happened to comcar?

On May 17, the $800 billion saw its first major bankruptcy of 2020: Comcar, a holding company for four trucking transport companies and one truck repair and parts distribution firm. Comcar announced Sunday that it would sell off all five of its national transportation companies in its Chapter 11 filing.

Who bought Willis Shaw trucking company?

The success of the company led to it being acquired by the Del Monte Corporation of San Francisco, California, in 1969.

Are trucking companies closing?

According to Broughton Capital, 640 trucking companies in the United States went bankrupt – in the first six months of 2019. While this number seems high, what is shocking is that it’s nearly three times the amount of trucking-specific bankruptcy filings during the entire 2018 calendar year.

What major trucking company just went out of business?

filed for chapter 11 bankruptcy protection at the end of 2019, the same year that regional less-than-truckload company New England Motor Freight Inc. shut down. Central Freight Lines is the 23rd-largest U.S. less-than-truckload carrier by 2020 revenue, according to transportation research firm SJ Consulting Group Inc.

Is Willis Shaw Trucking still in business?

However, in 1983, along with a group of family and employee investors, Shaw repurchased the company from Del Monte, but it was purchased four years later by Comcar Industries of Auburndale, Florida. What is now Willis Shaw Logistics still operates out of Elm Springs in the twenty-first century.

Who owns Willis Shaw Express?

Comcar Industries
It was acquired by Comcar Industries in the 1980s, and still operates out of Elm Springs.

Why do truckers fail?

Cash-flow issues tend to be a combination of several factors such as: not enough customers or business, low-paying freight, high costs of operations, too many unpaid invoices, etc. Identify strategies to improve or manage your business’ cash flow, or get help from a business manangement service.

Why is Central Freight Lines closing?

At the height of an unprecedented trucking boom, with spot prices and LTL rates at record levels, Central Freight Lines said it would shutter operations and be done with almost all of its freight pickups by Dec. 13. One of the main reasons was debt, according to the company president, and an inability to pay it down.

Is Central Freight Lines going out of business?

20. After 96 years in business, Waco, Texas-based less-than-truckload (LTL) carrier Central Freight Lines is closing its doors. Central Freight announced that it is winding down its operations and as of Dec. 13 has ceased picking up new shipments.

Who owns Willis Shaw Trucking?

It was acquired by Comcar Industries in the 1980s, and still operates out of Elm Springs.