Carroll Fulmer Logistics, a trucking company with 400 trucks and 1,700 trailers, is closing after 70 years. 600 employees will be laid off with 60 days’ severance pay. The closure is due to a surge in lawsuits and challenges from the Great Freight Recession since March 2022.

Many carriers are struggling in the freight market downturn, with operating ratios above 100, indicating unprofitability. Heartland Express and PAM Transport are among those affected. Carroll Fulmer’s closure may signal more closures to come in the industry.

Read more at Yahoo Finance: 400 truck operator, Carroll Fulmer, ceases operations