Column: Hertz symbolizes everything that’s wrong with American corporations
The Wall Street Journal
Trucking company Central Freight Lines Inc. will wind down its business in the coming weeks after failing to halt years of losses despite strong demand in freight markets during the pandemic, the company said Sunday. The privately held company based in Waco, Texas, has about 1,200 trucks and is a large operator in the less-than-truckload business, a slice of the trucking sector in which carriers move shipments from multiple customers on a single trailer. Central Freight Lines generated $262 million in revenue in its most recent fiscal year, company President said. Despite a significant influx of cash from its owner and chief executive, Swift Transportation Co. founder the business incurred a loss of $67 million last year, the latest in a string of losses that totaled roughly “a quarter-billion dollars in the past years,” Mr. Kalem said.