Strome Business Minute With Dr. Jeff Tanner

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Celadon, one of the largest companies you’ve probably never heard of, declared bankruptcy last week, throwing thirty-two hundred drivers out of work. Reaching one billion dollars in revenue in twenty fifteen, an investigation for accounting fraud certainly played a role in Celadon’s bankruptcy. But trucking companies have gone under at triple the rate this year over last, with six hundred forty shutting their doors. Trucking volume is down significantly, declining steadily all year. Manufacturing volume has also declined, meaning less to ship. These declines have also been felt by truck makers, with Cummins announcing layoffs for two thousand workers just before Thanksgiving, a startling reversal from a strong twenty eighteen. Used trucks from bankrupt companies will only make the problem worse. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the