Minnesota-based LME left more than 400 truckers out of a job when they abruptly shuttered on July 12.
- Six trucking companies have folded in 2019.
- That's left more than 2,500 truck drivers unemployed.
- After a hugely profitable year in 2018, this year has seen retailers and manufacturers moving less, according to the Cass Freight Index.
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Truck drivers are suffering in 2019 - especially those who own or work at small businesses.
Rates in the spot market, where retailers and manufacturers buy trucking capacity as they need it, rather than through a contract, sank by around 18% year-over-year. That's caused truckers like Demetrius Wilburn, a Georgia-based driver, to find themselves unemployed.
Wilburn bought his semi-truck four years ago after years of working as a company truck driver. But, due to rock-bottom rates, Wilburn wasn't able to make a payment one month - and they repossessed his truck.
"I was only 6 months away from paying it off," Wilburn told Business Insider. "I'm trying to transition back into law enforcement now - don't want to ever drive trucks again. Definitely not worth it."
Lexington, Kentucky-based owner-operator Chad Boblett told Business Insider that some truck drivers are seeing a "bloodbath" in just how low rates are.
Here are the trucking companies that have gone bankrupt in 2019, and how many truckers who are now out of a job. We used the Federal Motor Carrier Safety Administration's company snapshot tool to measure how many truck drivers worked at each company.
Are you a truck driver who has been suffering in 2019 from low rates? Contact the reporter at rpremack@businessinsider.com.