Carroll Fulmer Logistics, a Florida-based trucking firm with over 70 years in operation, has halted operations amid mounting financial pressure. The company operated 400 trucks and 1,700 trailers and is laying off approximately 600 employees, offering 60 days’ severance. Despite securing a $27 million credit line from Gordon Brothers in May, a surge of legal claims and the prolonged “Great Freight Recession” which was an unprecedented downturn in the freight industry, thus, becoming too overwhelming to overcome. Carroll Fulmer joins a growing list of trucking firms closing doors amid a challenging freight landscape. The closure also serves as a warning sign to private carriers, many of whom may be in even more vulnerable financial positions, with rising operating ratios signaling the potential for further bankruptcies industry wide.
