APX Logistics files for Chapter 11
APX Logistics, the largest provider of package delivery services to businesses for the U.S. Postal Service, has filed for bankruptcy protection under Chapter 11.
“APX has operated in an extremely challenging industry and experienced significant difficulty in particular resulting from integration of a large acquisition in late 2004,” said Heritage Partners, the private equity majority owner of APX.
“Heritage went to great length and invested substantial capital in an effort to restructure and turn around the business. Unfortunately, those efforts proved unsuccessful. The company is doing all that it can to deliver all packages in its system for its customers, to honor its obligations to its employees and maximize the return to its creditors,” Heritage said.
Santa Fe Springs, Calif.-based APX employs more than 1,850 people with 47 facilities nationwide and more than 400 owned trucks. The company said it processes more than 250 million packages per year for USPS.