Another man down..

Sounds like new scumbag owners bit the dust and screwed the employees.

 

So it took the new owners exactly One Year to run it into the ground. Nice work

 

Hell, that was probably the plan all along?



Pete

 

This is "I just bought a truck, now how do I find loads" writ large.

Dollars to doughnuts Tony's Trucking wasn't a financially robust company to begun with. It had its niche, doing its thing, but only worked because there was only operating debt and no ownership debt.

New owner does a leveraged buyout to finance the acquisition but expected cash flow to remain the same even though the company now has a heavy debt service. Starts "trimming the fat" to "turn the company around" - aka "make the balance sheet look good right now and who cares about the business' functionality in the long term".

 

I know a trucking company owner that did that. He would buy a trucking company that was in financial distress, then sell all the assets then file bankruptcy.

 

One time he bought a small company and discovered one of the trucks had a blown engine. He bought a new engine on credit then swapped the blown engine into one of his trucks he already owned, then filed bankruptcy on the company he just bought which included the truck with the blown engine.