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Forward Air shuts down with no notice

roundhouse

roundhouse

Red Skull Member
Joined
Aug 7, 2020
Member Number
2622
Messages
33
I think in the past folks on here have used Forward Air to shop stuff like engines and axles .

Hope no one has any cargo currently with them

If the company you work for gets bought by a private equity company , it’s only a matter of time before your job is suddenly gone .

www.freightwaves.com

Texas logistics company with 500 truck drivers abruptly ceases operations

About 2,000 truck drivers, warehouse and dock workers, and office personnel of Humble, Texas-based U.S. Logistics Solutions say they were notified Thursday that the company was ceasing operations and they
www.freightwaves.com www.freightwaves.com
 
It must not have been a viable business.
 
Sounds like the equity firm pulled all the money they could out of it and left nothing for operations. I did notice in the article that the equity group paid 8 mil in cash and $12 million earn-out dependent upon financial performance. If you run the company into the ground you don't have to pay the rest. I hope Texas bends the equity group over for not giving 60 days notice per Texas law.
 
I used them to ship an axle I bought from someone on the old board back in the mid-2000s. It seemed like a pretty simple operation back then. Being near DFW airport, I used to see their trucks all the time, but noticed I was seeing fewer and fewer of them a few years ago.
 
Forward Air was the go-to company for shipping pinball machines bought/sold on ebay etc. Used them many times without issue. Low cost and relatively fast. It's a real shame.
 
animator said:
I used them to ship an axle I bought from someone on the old board back in the mid-2000s. It seemed like a pretty simple operation back then. Being near DFW airport, I used to see their trucks all the time, but noticed I was seeing fewer and fewer of them a few years ago.
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I bought my first set of 38" sx's, practically brand new, from (p)irate, for $450 shipped across the country with forward air. I think they got that a piece now.. or more
 
Ummduh said:
I bought my first set of 38" sx's, practically brand new, from (p)irate, for $450 shipped across the country with forward air. I think they got that a piece now.. or more
Click to expand...
I've been looking to replace my 36x12.50x16 TSL SXs that I paid maybe 340-ish a piece for in the mid-2000s, I can't remember exactly.


They're right around 600 each now. Fuck me.
 
Poke said:
It must not have been a viable business.
Click to expand...
Evidently they alot
More Had more cash
And assets than the equity slime Wall Street paid for the company .

Buy it , steal all the cash from the bank accounts and 401k and declare BK and walk away and do it again with another company .

On day with some
Company , some employee is gonna find the Wall Street slime that did it and go postal .
 
roundhouse said:
Evidently they alot
More Had more cash
And assets than the equity slime Wall Street paid for the company .

Buy it , steal all the cash from the bank accounts and 401k and declare BK and walk away and do it again with another company .

On day with some
Company , some employee is gonna find the Wall Street slime that did it and go postal .
Click to expand...
IMG_0020.GIF
 
roundhouse said:
Evidently they alot
More Had more cash
And assets than the equity slime Wall Street paid for the company .

Buy it , steal all the cash from the bank accounts and 401k and declare BK and walk away and do it again with another company .

On day with some
Company , some employee is gonna find the Wall Street slime that did it and go postal .
Click to expand...
How can 401k be stolen?
 
roundhouse said:
Evidently they alot
More Had more cash
And assets than the equity slime Wall Street paid for the company .

Buy it , steal all the cash from the bank accounts and 401k and declare BK and walk away and do it again with another company .

On day with some
Company , some employee is gonna find the Wall Street slime that did it and go postal .
Click to expand...

1719853534556.png
 
Steal 401k? You can't :homer:

PE doesn't steal shit... Once they buy it everything is theirs to destroy as they wish (While increasing shareholder value)

PE is no worse than the old owners who knew damn well what was going to happen when they sold out. They just wanted their $$$, they didn't care that PE is gonna PE.

It's the cycle of business. 🤷

Edit: Don't want to have your employer go under after a sale? Go start your own business and become the dick who sold out to PE:flipoff2:
 
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ScottRS said:
I still don't know, but I do know the gone-under company I was laid off from in January, still hasn't settled mine out.
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I bet you still have the account and it hasn't magically disappeared. You just haven't been able to get the administrator to approve a distribution to get the $$$ out? Even more likely if you're not rolling it into another retirement account
 
roundhouse said:
Evidently they alot
More Had more cash
And assets than the equity slime Wall Street paid for the company .

Buy it , steal all the cash from the bank accounts and 401k and declare BK and walk away and do it again with another company .

On day with some
Company , some employee is gonna find the Wall Street slime that did it and go postal .
Click to expand...

 
CarterKraft said:
Well you can render an investment in a 401k useless, AKA Enron?
Click to expand...
That isn't your employer stealing your 401k from you. ( Unless you are silly enough to invest the account in your employer:homer: Even then it's not theft)

Companies failing is a reality of investing and the reason for diversification.
 
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Same works for banks/credit unions, once you deposit any money as yall like to call it its ultimately theirs to do with what ever they want.

 
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Clemson13 said:
I bet you still have the account and it hasn't magically disappeared. You just haven't been able to get the administrator to approve a distribution to get the $$$ out? Even more likely if you're not rolling it into another retirement account
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Admin and the financial services provider have both been... interesting... to deal with. I'm not saying it's disappeared, but I will say that my trust in what is supposed to be impartial third party financial services level players, is not strong.
 
ScottRS said:
Admin and the financial services provider have both been... interesting... to deal with. I'm not saying it's disappeared, but I will say that my trust in what is supposed to be impartial third party financial services level players, is not strong.
Click to expand...

You go into the financial services companies office, and you tell them you want to move the money into a private account. It's not hard.


Last time I did one they had mutual funds that were "free over $25k". So I rolled it and it's more than doubled in value in the last 10 years with zero contribution. It was a few years before I started another 401k, so I had nowhere else to put it.

Ended up rolling them together when I got a new 401k.
 
Forward Air != Forward Air Solutions.

Looks like Forward Air isn't doing great either, but still kicking.
 
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