business

Nikola files for Chapter 11 bankruptcy protection

Nikola Corp. filed for Chapter 11 bankruptcy protection Wednesday after failing to secure a buyer or raise additional capital. The Phoenix-based manufacturer of zero-emissions trucks announced it will pursue an auction and sale process for its assets as it grapples with ongoing financial difficulties.

This marks a dramatic fall for a company that was, at its valuation peak in 2020, briefly worth more than Ford Motor Co.

“Like other companies in the electric vehicle industry, we have faced various...

https://www.freightwaves.com/news/nikola-files-for-chapter-11-bankruptcy-protection

American Freight Disponiendo a 19 ejecutivos principales a medida que cierra su negocio

La cadena de dispositivos y muebles American Freight dijo que despedirá a 19 ejecutivos de su sede corporativa en Delaware, Ohio, antes del 1 de mayo. Los despidos permanentes se deben al «bajo desempeño financiero» de la compañía, según un aviso de la Ley de Notificación de Ajuste y Notificación...

https://fullavantenews.com/american-freight-disponiendo-a-19-ejecutivos-principales-a-medida-que-cierra-su-negocio/?lang=es

American Freight laying off 19 top execs as it closes its business

Appliance and furniture chain American Freight said it will lay off 19 executives from its corporate headquarters in Delaware, Ohio, by May 1.

The permanent layoffs are due to the company’s “poor financial performance,” according to a state Worker Adjustment and Retraining Notification Act notice.

The executive positions include multiple accountants and payroll employees, the vice president of distribution and logistics, the director of financial reporting and inventory, and the chief stores...

https://www.freightwaves.com/news/american-freight-laying-off-19-top-execs-as-it-closes-its-business

Reports: Freight forwarder Forto looking for a buyer

As freight rates stabilize, geopolitical changes influence trade and economic conditions drive consolidation, mergers and acquisitions are positioned to reshape the global shipping industry. 

Freight forwarder Forto could be the next company in line.

The Berlin-based company is working with investment bank Moelis & Co. for a merger or sale, according to reports in The Information. A person involved in the discussions said the freight forwarder has reached out to a number of competitors to discuss...

https://www.freightwaves.com/news/reports-freight-forwarder-forto-looking-for-a-buyer

Lab0: Robotics system first to fully automate inbound warehouse ops

Ridgefield, Washington, industrial automation company Lab0 announced on Tuesday morning the launch of the first industrial humanoid-inspired system designed to fully automate inbound warehouse operations.

According to a news release emailed to FreightWaves, Lab0 has emerged after two years of secret development on the RoboGlide system to integrate multiple stages of warehouse logistics. RoboGlide is a flexible and modular system that can unload shipping containers, identify products, detect...

https://www.freightwaves.com/news/lab0-robotics-system-first-to-fully-automate-inbound-warehouse-ops

Over 500 Teamsters drivers strike 10 Roads Express

More than 500 Teamsters drivers at 10 Roads Express have gone on strike across eight states, accusing the company of “unfair labor practices and refusal to bargain in good faith.”

In a news release Tuesday morning, the Teamsters said 10 Roads “has continued to present an insulting and unrealistic contract proposal.”

10 Roads Express is one of the largest private contractors for the U.S. Postal Service. More and more drivers at the company have joined the Teamsters the past several years. 10 Roads...

https://www.freightwaves.com/news/over-500-teamsters-drivers-strike-10-roads-express

Reshoring Institute advises companies on returning to America

In the latest Bring It Home podcast, Rosemary Coates, executive director of the Reshoring Institute, spoke on economic and supply chain factors influencing a company’s decision to bring production back to the U.S.

Bring It Home celebrates the manufacturing renaissance, reindustrialization and reshoring taking place across North America. Its co-hosts are Craig Fuller, founder and CEO of Firecrown Media, and JP Hampstead, strategic analyst at Firecrown.

The Reshoring Institute

Coates has been a...

https://www.freightwaves.com/news/reshoring-institute-advises-companies-on-returning-to-america

Autonomous trucking technology makes a splash in Las Vegas

Autonomous trucking technology makes a splash in Las Vegas
(Photo: Thomas Wasson/FreightWaves)

LAS VEGAS – After years of hype, autonomous trucking providers have begun to deliver on the promise of driverless operations, with companies touting plans for commercial uses. The Manifest conference in Las Vegas featured a diverse group of autonomous vehicle operators, from large players in the truckload space like Torc Robotics to scrappy upstarts like Bot Auto. Autonomous yard operators including...

https://www.freightwaves.com/news/autonomous-trucking-technology-makes-a-splash-in-las-vegas

Better-than-expected industrial production data hides softness

U.S. industrial production increased more than expected in January, driven by a surge in utilities output due to cold weather that obscured underlying weakness in manufacturing and mining, which both declined. The Federal Reserve reported on Friday that industrial production rose 0.5% last month, surpassing economists’ forecasts of a 0.3% gain.

The better-than-expected headline figure comes after a 1% jump in December, which was revised up from the initially reported 0.9% increase. Compared to a...

https://www.freightwaves.com/news/better-than-expected-industrial-production-data-hides-softness

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