EZ Worldwide Express emerges from bankruptcy after a year

EZ Worldwide Express and United Business Freight Forwarders just announced their exit of Chapter 11 bankruptcy after filing at the beginning of the year. The affiliated companies work with Forever 21, H&M stores, The Disney Stores, Phillips Van Heusen and Amazon.

Both companies had entered Chapter 11 bankruptcy in January 2016. At the time, the companies stood collectively at 700 employees with 13 locations and over 300 trucks. The companies had 55 million dollars in unprofitable revenues. Now exciting the bankruptcy, things have turned around for both EZ Worldwide Express and United Business Freight Forwarders. The companies have 350 employees total, five locations, 150 trucks and has 40 million dollars in annualized revenue. The companies owe 200,000 dollars currently to PNC which will be paid by the end of the year as part of the bankruptcy plan.

“We are a somewhat smaller company, but profitable, due to substantial changes to our business model made during the Chapter 11,” Ajay Aggarwal, company president, said in a statement. The new business strategy of the companies have allowed a 10 million dollar improvement on an annual scale. The companies have been able to downsize significantly and enhance their revenues. With new customers as well, such as H&M and Amazon joining, both freight carriers seem to be on track for the future.