A national trucking firm, XL Express, has entered liquidation after 35 years of operation, impacting around 200 employees. The Brisbane-based company, founded in 1990, faced financial difficulties, leading to its administration in June. FTI Consulting has been appointed to evaluate the company’s financial status and potential for recovery.
XL Express, which expanded its reach with depots in major Australian cities, including Sydney, Melbourne, Adelaide, Perth, and Darwin, is estimated to have accumulated debts of approximately $42 million. Additionally, the company maintained regional depots in Newcastle, Cairns, Townsville, and Mackay.
The situation worsened in late June when the firm was barred from its premises in Smithfield, located in Sydney’s west, resulting in the immediate standing down of its workforce. This closure is notable as it follows closely on the heels of another significant business collapse—the Don Watson Group—after 77 years in operation.
As of now, 9News.com.au has reached out to XL Express for further comments regarding the unfolding situation.