Mega-carrier Schneider is shutting down part of its operations
While fellow truckload carrier J.B. Hunt (NASDAQ: JBHT) has been expanding its last-mile delivery business, Schneider National (NYSE: SNDR) is going in the opposite direction. The company announced on August 1, 2019, that it is shutting down its First to Final Mile (FTFM) operation within its truckload division due to “operating performance of the FTFM business and the assessment that the long-term prospects of that business and its markets were not favorable.” – According to the article in freightwaves.com and its author
“The announcement was made in a Securities and Exchange Commission 8-K filing in conjunction with the release of the company’s second quarter earnings results. The company will take total pre-tax restructuring charges of between $50 million and $70 million through the end of the year as a result, separate from a one-time goodwill impairment charge of $34.6 million recorded in the second quarter. The operation will be fully closed by December 31, 2019, the filing said”. – Straight also wrote in his article.
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Source and credits: freightwaves.com /and Mario Pawlowski / iTrucker