What happened — and why it matters
Another long-standing carrier has parked its trucks for good. Florida-based Carroll Fulmer Logistics, a 70+ year veteran with roughly 400 trucks and 1,700 trailers, has ceased operations and is laying off about 600 employees. Company leaders cited mounting litigation costs and the prolonged “freight recession” as key factors. The company says it will provide around 60 days of severance as it winds down, but the abrupt nature of the closure still leaves many drivers and support staff scrambling to line up their next paycheck.
A pattern bigger than one company
Carroll Fulmer’s exit caps a bruising run for truckload carriers in 2025. LTI Trucking Services (about 250 drivers) shut its doors in early April, telling drivers it would prioritize getting them home safely and allow some to work briefly while job hunting. Florida regional carrier Davis Express wound down later that month, citing sustained unprofitability and a family decision to retire rather than wait for a turnaround. And in July, drayage specialist TGS Transportation closed after 40 years, underscoring that even niche operators aren’t immune to the downturn.
Financial stress isn’t limited to private fleets. Public carriers have reported elevated operating ratios and soft volumes, reflecting a freight market that’s struggled since early 2022. Even large, diversified players have flagged persistent headwinds in pricing and costs, reminding the industry that the recovery remains uneven.
If your employer shuts down mid-load: steps to protect yourself
- Secure the equipment and freight. Follow written instructions from dispatch or the shipper on where to deliver or stage the load. Document everything (texts, emails, photos) and keep copies of bills of lading.
- Protect your pay. Keep a detailed log of hours, mileage, and delivered loads. If payroll is disrupted, these records support wage claims or negotiations with the company, lender, or receiver.
- Retrieve personal property. Remove personal items from the truck as soon as practical. Inventory what you take and, if returning equipment to a yard, photograph the truck’s condition.
- Mind fuel cards and advances. Stop using company fuel cards once a shutdown memo circulates; return cards as instructed to avoid any accusation of misuse.
- Ask for a separation letter. This speeds up hiring with the next carrier and can help when applying for unemployment insurance or benefits continuation.
- Know your WARN rights. The federal WARN Act generally requires employers with 100+ employees to give 60 days’ notice before a plant closing or mass layoff, with limited exceptions (for example, unforeseeable business circumstances). Lack of notice can trigger back-pay liability; some states add extra protections. Consult your state dislocated worker unit and, if needed, an attorney.
For owner-operators leased on to a closing carrier
- Secure payment for delivered loads. If applicable, contact the broker or shipper on receivables and confirm who will pay (carrier, factor, or lender). Keep rate cons and proof of delivery organized.
- Check lease and escrow terms. Review agreements for equipment return, maintenance escrows, and chargebacks. Document odometer readings and condition on turn-in.
- Transition plan. Line up new authority or a new lease-on quickly; demand remains in select lanes even when the broader market is soft.
How this could unfold next
Litigation costs, high insurance premiums, elevated equipment and maintenance expenses, and a freight market still digesting excess capacity continue to squeeze margins. Analysts warn that carriers with operating ratios north of 100 are vulnerable if credit tightens or volumes wobble. For drivers, the practical takeaway is to keep your paperwork current, maintain a clean MVR and PSP, and build relationships with multiple recruiters so you can pivot quickly if your carrier stumbles.
Bottom line for drivers and fleet managers
Whether you’re a company driver or an owner-operator, sudden closures are no longer outliers—they’re a feature of this cycle. The carriers that make it through will be the ones that control costs, diversify freight, and maintain lender confidence. For workers, the best defense is preparation: know your rights, keep your records tight, and have a Plan B. If your carrier is showing signs of distress—missed pay, delayed reimbursements, repeated “cost-cutting” surprises—start quietly exploring options before you’re left in the lurch.
Sources Consulted: FreightWaves; CDL Life; The Trucker; U.S. Department of Labor; Reuters.
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