Great Wide Logistics - UPDATE - Please Read. ..

[OverTime]

Great Wide Logistics - UPDATE - O/O Companies- Please Read. ..

Dallas-based Great Wide Logistics Services, considered a solid operating franchise, filed for Chapter 11 bankruptcy protection in late October.

We've all heard this.... And you can read the Story * HERE *

Inside Information for BROKER Carriers,
I've gotta close friend who's daughter works at Great Wide. The employees where being told nothing about closing, restructure or anything. BUT!!!
This past week while Great Wide - *Kenosha, WI* held their year end Christmas party they dropped the ball on the employee's at that time.

"quote" We'll be letting you go at the end of January. Come February *YOU* all, will have no JOBS! -Executives of Great Wide informed the people.

NOTE: The Dispatch Department was informed not to disclose any information regarding them closing operations. * IF * you are caught leaking this information to any TRUCKS, you will be FIRED and Great Wide will fight your unemployment!

SO, WITH KNOWING THIS INFORMATION NOW?
START SPREADING THE WORD!
​

Do not allow Great Wide to move freight on your trucks, and hold an invoice balance with your company. They will NOT be in business after FEB.....
Again, This is INSIDE INFO... From the FLOOR.................
I would hate to see you LOOSE moneys over this.......

If you do have outstanding freight invoices, I would suggest that you START collecting on them A.S.A.P!

- OPEN FOR COMMENTS-
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[SilverSurfer]

I'm not surprised to see another of the big corporate companies going down, but am outraged at the deceit tactic they employ towards the truckers. I have never believed there's any justification to lie and drop a bomb like "losing your job," because they decided it's detrimental to the business. They give not one ounce of respect to truckers.

On a better note...has anyone started to think about the not-so-distant future when freight levels do return (this is inevitable?) The more, big corp companies fail, the fewer there will be when freight levels return. And I'm starting to get the impression there may be a tremendous opportunity for O/O's and Independents when that period comes. It's just a matter of survival until then. Instead of selling your rigs (if ya already own 'em) - park 'em...you'll be one step ahead in getting back into the game.

Just a thought that crossed my mind while reading all the bs about the bright outlook for the freight industry in Landline's Magazine. I got this irritated feeling reading about Steve Freidell's opinions in "Looking For Daylight." Reminded me of someone saying our economy is strong not too long ago. But the article did make me think about just what will the situation be when the freight levels do return.

Here's an optimistic view: Out of the chaos will rise opportunity.
Here's a realistic view: How many will be able to survive until then?

Do we leave behind our brother & sister drivers, who fall along the wayside, like the corporate companies...or do we do what we can to help fellow American truckers survive? The new inbound administration and the coming 111th Congress will only be making matters worse, and we need to stand shoulder to shoulder and fight to stop this continued "beating down" of our American truckers.

-ss-

 

[Mike]

Thanks for the scoop on this.

The odd thing about this situation with Great Wide is the fact that they are still advertising heavily for drivers, especially during the month of December.

I wonder if it is because owner operators are bailing out on them due to the bankruptcy news?

I also wonder if Greatwide will survive after bankruptcy and restructuring. In the past couple years, they had already turned over much of their reefer business to other companies, so it is odd that they cite fuel prices as a reason for bankruptcy. What fuel costs did they really have? The drivers, unless I am mistaken, are the people who are absorbing the bulk of the fuel costs, not the company. Isn't this a 100% owner operator business?

Should have knows that anything Hicks touches would turn to crap. Just look at the baseball team, LOL.

 

[OverTime]

As far as I know, YES this is a 100% O/O structured company.
Thats why they pre informed that if THIS info was to LEAK to the drivers? Those that informed the driver, your JOB would be lost at that time. NO waiting till FEB....

hmmmm... Scope this out.........
In REGARDS to GREAT WIDE.............oops... Look at this.........

The FORM was to LONG to Post here... it exceeded my postable text available...

Welcome to the Front Lines Driver - United CDL ( DOT ) org


The business's that where overseas that had plans to purchase GW changed their minds from what im told. The MONEYS that GW owes would be detrimental to the purchasing company.

This is a BAD situation for many, many people.....
Thats why its so important for companies who broker loads and freight through GW? To collect FAST, and get out now......

DOOMS DAY for GW is coming from what Im told.....Again.. this information is Passed along.... from a strong, vialble source from the INSIDE of GW..

I'll keep you informed when I hear more....

 

[Mike]

I am still baffled at the citing of "fuel prices".

I do know that their drivers had access to cheaper fuel at the Walmart DC's, but not sure how much cheaper. Was Greatwide absorbing some of the Owner Operators fuel costs? If not, then the claim of fuel prices makes absolutely no sense to me.

 

[OverTime]

I am still baffled at the citing of "fuel prices".

I do know that their drivers had access to cheaper fuel at the Walmart DC's, but not sure how much cheaper. Was Greatwide absorbing some of the Owner Operators fuel costs? If not, then the claim of fuel prices makes absolutely no sense to me.

On this I have no Idea!!!! I'll past the requested info... on... And we'll get to the bottom of this... I will ask questions.... About this....

But, I have no IDEA.........
:nono:


Something Stinks your right....

 

[OverTime]

MORE INFORMATION HERE,
FULL RELATED ARTICLE HERE
Article Source: morrisjames.com


GWLS Holdings, Inc. and its related debtors filed petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The debtors have requested that these cases be jointly administered under case number 08-12430. The Honorable Peter J. Walsh is presiding over these cases.

The debtors’ principal business is Greatwide Logistics Worldwide. According to its website, Greatwide was founded in Dallas, Texas in 2000, and “is a third-party logistics services company with annual revenues of approximately $1.2 billion. Greatwide is ranked No. 11 on the Transport Topics Top 50 and is one of the fastest growing companies in the Dallas/Fort Worth area. The company has four primary lines of business: dedicated transport, truckload management, truckload brokerage and distribution logistics.”

Read the FULLY published article here.

 

[OverTime]

HERE IS THE PAPERWORK They FILED!


The PAPERWORK in . PDF


Background on Greatwide
Greatwide Logistic Services, the largest non-asset based trucking company in the United States, filed a petition for chapter 11 bankruptcy in Delaware on October 20, 2008. By “non-asset based,” Greatwide operates a network of 6,000 independent contractor owner-operators and approximately 20,000 independent third-party carriers. Located in Dallas, Texas, Greatwide provides four primary services: trucking, back-office management to agents who source freight shipments, freight brokers who arrange shipping for customers, and distribution logistics. Trucking and other transportation services generate over 50% of Greatwide’s annual revenue.


Why Greatwide Filed for Bankruptcy
Several factors contributed to Greatwide’s need to file for bankruptcy, increased fuel costs being at the top of the list. Besides the higher cost of fuel, Greatwide’s revenues also suffered due to a significant decline in freight shipments. Having less cash on hand, Greatwide began discussions with its lenders in June of 2008. Ultimately, Greatwide missed an $8 million principal and interest payment due on June 30, 2008. UBS, one of Greatwide’s lenders, issued a notice of default on July 1st.


READ MORE -

 

[Mike]

So many companies operating for years, funded by debt. It's all catching up with them now.

 

[Redwing]

Another take on GW

The Truck Insurance Extremist: The Right Man For The Job

 

[SilverSurfer]

Interesting, Redwing. But the bottom line in this situation with Great Wide is they, the non-trucking management, is taking what fortunes they got and are leaving the boys that generated that fortune for them, hanging in the wind. Just another case of use and abuse of truckers...

-ss-