Waco, Texas-based Central Freight Lines, a regional less-than-truckload company servicng the Southeastern and Southwestern United States, has announced that it is winding down its operations impacting up to 2,100 employees and contractors.
The company has indicated that layoffs are scheduled for December 31, 2021.
According to company statements, "CFL is shutting down its operations due to unprecedented financial distress, including loss of significant revenue, decreasing margins, increased overhead, several operational inefficiencies, workforce attrition, and various other unexpected and unforeseen circumstances, including CFL’s inability to secure sufficient financing to maintain operations. Central Freight Lines did not provide earlier notice because it would have jeopardized efforts to pursue capital, restructuring and refinancing alternatives to postpone facility closures that were ultimately unsuccessful.
The company explored all available options to keep operations going. Despite diligent efforts, the company was unable to gain commitments to fund ongoing operations, find a buyer, or even fund a Chapter 11 reorganization.”
"As we complete the wind-down process, our primary goal will be to offer the smoothest possible transition for all stakeholders while maximizing the amount available to apply toward the Company’s obligations. Central Freight is coordinating with other regional LTL carriers to afford its employees opportunities to apply for other LTL jobs in their area. Discussions are ongoing and no purchase of assets or offer of employment is guaranteed.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?