The Great Freight Recession, which began in 2022 and continues into 2026, has impacted trucking and logistics companies with reduced shipping demand, lower freight rates, and rising costs of labor, fuel, and insurance, which have impacted shipping company revenues and profits.
The impact has forced trucking companies to either file for bankruptcy or shut down operations without a court filing.
Long-haul truckload demand plummeted by 25% in the first half of 2025, with trucking becoming more of a short-haul delivery method for the final leg of freight movement, according to FreightWaves’ Long Outbound Tender Volume Index.
Expert predicts freight industry recovery
Some industry experts, however, believe the trucking industry might begin to recover in 2026.
Doug Waggoner, CEO of Echo Global Logistics, is predicting improvement in the trucking industry, likely after the first quarter of 2026, he told Logistics Management.
“I think we’re at least in the late stages and maybe starting to come up,” Waggoner said. “But traditionally, January and February are the slowest months of the year.”
Dozens of trucking companies filed for bankruptcy
Bankruptcy filing totals for the trucking and logistics sector for the first quarter of 2025 were not available, but freight companies filed 20 bankruptcy petitions in the second quarter and 21 bankruptcy petitions in the third quarter of 2025, Equipment Finance News reported.
Final fourth-quarter statistics have not yet been released at last check, but trucking companies filed 12 petitions in October and six in November 2025.
2025 quarterly bankruptcy totals
- Second Quarter 2025, 20 bankruptcies
- Third Quarter 2025, 21 bankruptcies
- Fourth Quarter 2025, 18 bankruptcies (October, November)
My search and review of several bankruptcy alert sites, including RK Consultants, Pacer Monitor, and BK Data, revealed only a few trucking company bankruptcy filings in the first weeks of 2026.
The largest trucking company to file for bankruptcy protection in January 2026 so far was STG Logistics Inc., which filed for Chapter 11 protection on Jan. 12 to restructure about $1.2 billion in debt and seek a sale of its assets.
Interstate freight company Bulmaks files for Chapter 11 bankruptcy protection to reorganize.
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Bulmaks files for Chapter 11 bankruptcy
And now, long-distance freight carrier and logistics company Bulmaks Inc. has filed for Chapter 11 bankruptcy protection to reorganize its business and continue operating.
The Lake Zurich, Ill.-based trucking company filed its petition in the U.S. Bankruptcy Court for the Northern District of Illinois, battling economic issues related to the Great Freight Recession.
Bulmaks suffers income decline, rising costs
Bulmaks was forced to file for bankruptcy after facing a sharp decline in gross income, while incurring rising costs for insurance, fuel, and equipment financing for its late-model vehicle fleet, RK Consultants reported.
The debtor listed $1 million to $10 million in assets and liabilities, including $2 million in assets and $6.7 million in debts in its Jan. 5 petition, according to Trucking Dive.
Bulmaks’ largest unsecured creditors include Daimler Truck Financial, owed more than $642,000; Huntington Bank, owed $418,000; and Navitas Credit Corp., owed $308,000.
The company also faces several lawsuits, including an alleged breach of contract.
More bankruptcies:
- 64-year-old furniture store franchisee files Chapter 11 bankruptcy
- Golf legend’s iconic brand files for Chapter 11 bankruptcy
- Major health services provider files for Chapter 11 bankruptcy
The trucking company ships general freight, operating 170 power units with about 184 drivers, according to its SAFER filing with the Federal Motor Carrier Safety Administration.
Bulmaks, established in 2012, is an independent, family-owned carrier utilizing owner operators and company drivers, hauling freight to 48 states, with a strong presence on the Eastern half of the U.S., according to its website.
The company specializes in interstate cargo transport and technology-driven logistics services, operating from the Chicago metropolitan area.
Bulmaks’ largest unsecured creditors:
- Daimler Truck Financial, owed over $642,000
- Huntington Bank, owed $418,000
- Navitas Credit Corp., owed $308,000
Related: Popular sports apparel retail chain files Chapter 11 bankruptcy