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“Transport Sector Faces Devastating Bankruptcy Wave and Job Losses Amid COVID-19 Pandemic”

This year, 228 companies in the sector have already gone bankrupt, almost 40 percent more than the average for the period 2015 to 2019, before the corona crisis. As a result, job losses are peaking: up to and including the first week of May, 995 people in the sector lost their jobs due to bankruptcy.

In the five years before the corona crisis, an average of 1,300 jobs were lost annually in the transport sector. This year, almost one and a half times more jobs have been lost than in the same period in the years before corona.

At the basis of the bankruptcy wave among transport and logistics companies are sharply rising costs, much lower demand, packed warehouses and increased competition.

2023-05-16 02:16:00
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