HOUSTON, June 24,
2024 /PRNewswire/ -- US Logistics Solutions, Inc.
(USLS) has announced that, despite the best efforts by its
dedicated workforce, the company was notified by its lender that it
will no longer receive the necessary funding to continue
operations. As a result, USLS will liquidate immediately and filed
for Chapter 7 bankruptcy on Friday, June
21.
Over the past several months, USLS has implemented numerous
strategic initiatives aimed at stabilizing and revitalizing the
company. The leadership team and core operations workforce,
comprised of experienced professionals, worked tirelessly to
navigate the challenging market conditions and improve the
company's financial health. These efforts included optimizing
operational efficiencies, enhancing customer service, and exploring
innovative solutions to meet the evolving demands of the logistics
industry.
USLS's partnerships with customers have always been paramount.
The company's ability to deliver an incredible customer experience
started with investing in and empowering its people. Recognizing
that the company is as good as the individuals who make it up, USLS
has always placed its employees at the center of everything it
does. The customer-focused, customized solution, outside-of-the-box
team has consistently strived to provide clear and proactive
communication to clients as they navigated the many variables of
their supply chains. Above all else, USLS aimed to be the most
dependable pool distribution provider in the nation.
The decision to file for bankruptcy was not taken lightly. The
leadership team explored all possible alternatives to avoid this
outcome, including seeking additional investment and strategic
partnerships. However, the abrupt cessation of funding left the
company with no other recourse.
USLS has always been committed to delivering exceptional
logistics solutions to its customers and maintaining strong
relationships with its partners. The company deeply regrets the
impact this development will have on its employees, customers, and
stakeholders. USLS' leadership team is committed to ensuring
that the bankruptcy process is handled with transparency and
integrity. Indeed, it intends to cooperate with the trustee and the
bankruptcy court throughout this process.
The Chapter 7 bankruptcy filing will enable an orderly
liquidation of the company's assets, ensuring that creditors are
treated fairly and equitably.
About US Logistics Solutions
USLS has been a trusted provider of comprehensive logistics and
supply chain solutions for over 30 years. Known for its commitment
to innovation, customer service, and operational excellence, USLS
has served a diverse range of industries, helping businesses
streamline their logistics operations and achieve their goals.
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SOURCE US Logistics Solutions, Inc.