Reported 6 months ago
Former FedEx Ground contractor PYNQ Logistics Services of Pleasanton, California, has filed for bankruptcy liquidation after previously suing FedEx Ground for alleged illegal business practices. The company's petition in the U.S. Bankruptcy Court for the Northern District of California lists assets of up to $50,000 and liabilities of up to $10 million, with no funds available for unsecured creditors after administrative fees. The largest creditors include Byline Bank and Magarino Enterprises Inc. PYNQ's financials show it did not operate in 2024, having made $527,000 in 2023 and over $1.6 million in 2022. The company's founder, Tara Wright, invested $1.13 million to become an Independent Service Provider (ISP) for FedEx Ground, but after contract renegotiation attempts, FedEx Ground terminated PYNQ's contracts and sold one route without consent. A creditors meeting is scheduled for June 25.
Source: YAHOO