From Home Furnishing Business
Schneider Gets Out of Final Mile Delivery
Transportation and logistics services provider Schneider has announced that it is closing its final-mile division, according to a report from Freight Waves.
“We have made the difficult decision to execute a structured shutdown of our FTFM service offering,” Mark Rourke, chief executive officer, said in a statement. “This decision followed a careful assessment of the near and longer-term prospects and alternatives. We believe this course of action allows us to fully focus on our services within truckload, intermodal, and logistics, is consistent with our portfolio management and capital allocation disciplines and is in the long-term best interest of our company and our stakeholders.”
The company launched the First to Final Mile (FTFM) business three years ago and expects to take pretax restructuring charges between $50 million and $75 million in the second half of the year.
Read the full story here.