After experiencing two years of record growth during the COVID-19 pandemic, Jacksonville, Florida-based Surge Transportation, a digital freight brokerage, sought to find a buyer and slashed its rates and workforce nearly a year before it filed for Chapter 11 bankruptcy protection on Monday.
“In the first half of 2022, demand for excess motor carrier capacity dramatically contracted. In an effort to maintain volume, [Surge] cut its rates,” according to court filings. “While lower rates resulted...
https://www.freightwaves.com/news/surge-transportation-sought-buyer-prior-to-filing-for-bankruptcy