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The economic downturn in the trucking industry led to dozens of bankruptcy filings in 2025, as the Great Freight Recession victimized the sector since the end of the Covid-19 pandemic.The downturn has claimed another trucking company this month, as Sparhawk Trucking battles financial distress to stay afloat. High hopes for a recovery in the trucking industry came in December 2025 as only three companies filed for bankruptcy petitions, the lowest number since Equipment Finance News began tracking the data.Highest number of filingsBut those hopes were dashed when 20 firms filed for bankruptcy in January 2026, the highest number of bankruptcies since Equipment Finance News began tracking the data.Trucking companies have battled reduced shipping demand, lower freight rates, and rising costs of labor, fuel, and insurance driven by inflation over the last four years, which is known as the Great Freight Recession.

Sparhawk Trucking files for Chapter 11 bankruptcy protection to reorganize its business.Shutterstock

Sparhawk Trucking files for bankruptcyAnd now, 47-year-old Wisconsin trucking company Sparhawk Trucking LLC has filed for Chapter 11 protection after being placed into receivership and settling a massive lawsuit liability, Trucking Dive reported.The Wisconsin Rapids, Wis., trucking and logistics company and three affiliates filed their petition in the U.S. Bankruptcy Court for the Western District of Wisconsin on March 13 to halt assignment for the benefit of creditors and receivership actions against the company.The Chapter 11 filing invokes an automatic stay on all legal actions against the debtor, which will allow the debtor to seek access to its cash collateral under the bankruptcy case to pay its employees, vendors, and other expenses to continue operating as it reorganizes, as allowed in the bankruptcy statute.Sparhawk listed up to $50,000 in assets and $10 million to $50 million in liabilities in its petition.Revenue grew in 2022The debtor, whose total revenue grew to $49.6 million in 2022 before falling to $35 million in 2025, operated 200 trucks with 1,000 trailers by 2023, according to a bankruptcy declaration by owner Mark A. Sparhawk, listed on PacerMonitor.For the company’s most recent payroll paid on March 12-13, the company listed 54 drivers on W-2 payroll and 48 owner-operators. The company also employs 22 office employees and 18 shop workers.The debtor’s major financial burdens consist of over $10.1 million in debt owed to WoodTrust Bank, which financed Sparhawk’s purchase of 23 Peterbilt trucks in 2021 or 2022, and $697,000 owed to its financial consultant, Silverman Group, according to the declaration.Sparhawk claims to have done business with WoodTrust since 1979, court papers said.The debtor had also faced a $136 million claim related to a lawsuit filed against Sparhawk, dating back to an August 2021 incident when one of Sparhawk’s trucks, driven by an employee, hit a train hauling hazardous products in Louisiana.Sparhawk settles lawsuitSparhawk’s insurance company only covered up to $10 million in insurance payments, but the trucking company in September 2025 negotiated a settlement with the plaintiffs to accept the $10 million as full satisfaction of all claims against the debtor, the declaration said.The debtor alleged in its declaration that the bank’s loan officer and two employees of the financial consulting group Silverman Group convinced Sparhawk to agree toan assignment for the benefit of creditors and the appointment of a receiver as part of a forbearance agreement in November 2025.Sparhawk said he did not understand the assignment for the benefit of creditors process, but also did not seek the advice of a lawyer. “I trusted what they told me,” the owner Sparhawk said in the declaration.More bankruptcies: Troubled automobile maker files Chapter 7 bankruptcy liquidationMajor gambling destination files for Chapter 11 bankruptcyMajor department store brand liquidates in Chapter 11 bankruptcyBeginning in May 2025, the bank offered forbearance agreements to Sparhawk, which resulted in the debtor’s bank accounts being swept by the bank three times before payroll disbursements from May 2025 through December 2025, leaving insufficient funds to cover payroll, the declaration said.”The bank required me to sign the assignment and waive my right to contest the receivership, or the bank would not let payroll clear,” Sparhawk said in the declaration.Debtor finally seeks lawyer adviceA receiver was appointed on Dec. 9, 2025, and Sparhawk claimed that by mid-February, he was advised by an undisclosed person to seek a lawyer’s representation. Sparhawk hired law firm Kerkman & Dunn, according to the declaration, around the time Silverman Group allegedly informed the owner that unless he came up with a $400,000 by March 13, the bank would likely start to shut down the business.A shutdown would not happen, as the debtor filed for Chapter 11 on that day, invoking an automatic stay against any legal actions from the bank, Silverman, and receiver while the bankruptcy case proceeds.Long-haul truckload demand plummeted by 25% in the first half of 2025, with trucking becoming more of a short-haul delivery method for the final leg of freight movement, according to the Long Outbound Tender Volume Index, FreightWaves reported.Related: Major mattress chain converts to Chapter 7 bankruptcy liquidation

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.Why we love this dealWhen it comes to mastering DIY projects, there’s probably only one thing more impressive than being able to fix things that break in your home, and that’s being able to fix your own car. Car repairs are notoriously expensive, so getting the job done yourself will save you serious money. In order to do that, you’re going to need a reliable set of tools to get started, and we recommend the Craftsman 189-Piece Mechanic’s Tool Set, which is on sale at Amazon for $149.Not only is this set perfect for beginners, but you’ll get everything you need from sockets and ratchets to wrenches and specialty bits. It all comes in a blow-mold case with a carrying handle so you can take it wherever you need to go. You could probably spend less on a set, but the Craftsman brand is known for its quality and durability, so why not grab one that will last you a lifetime?Craftsman 189-Piece Mechanic’s Tool Set, $149 (was $189) at Amazon

Courtesy of Amazon

Shop at AmazonWhy do shoppers love it?The set covers all three standard drive sizes — 1/4-inch, 3/8-inch, and 1/2-inch — and comes packed with 6-point and 12-point sockets in both SAE and metric, combination wrenches, and a full assortment of drive tools. Craftsman specialty bits are also included, making this genuinely useful whether you’re swapping spark plugs, changing brake pads, or tackling suspension work.The standout feature here is the ratchet design. The low-profile 72-tooth ratchets have a 5-degree arc swing and heads that are up to 25% thinner than older Craftsman models. This matters enormously when you’re trying to break loose a fastener buried deep in an engine bay or behind a wheel arch where a standard ratchet simply won’t fit.All this comes in a durable blow-mold case with metal hinges, and the case is designed to fit directly into Craftsman metal storage boxes, so this set will fit right in if you’re already building out a Craftsman garage setup. The organizational layout keeps every piece in a labeled slot, meaning no more rattling loose tools at the bottom of a drawer.Craftsman backs the entire set with a full lifetime warranty, which means if a ratchet fails or a socket cracks under load, the company will replace it. That’s not a limited guarantee — it’s a genuine no-questions commitment that few brands at this price point can match.Related: DeWalt’s 71-piece tool set is on sale for just $25, and it’s backed by over 5,000 5-star ratingsPros and cons of the $149 Craftsman 189-Piece Mechanic’s Tool Set Pros:An excellent price point: This sale saves you $40 off the retail price.Comprehensive set: It comes with everything you need to do basic automotive maintenance and repairs.Lifetime warranty: Craftsman will replace any tool if it breaks.Cons:You’ll need a bigger set for advanced repairs: Some vehicles may require specialized tools that the kit doesn’t include.Some reviews say the case isn’t well-made: A small percentage of shoppers say the tools fall out when you open the case.More than 700 shoppers rated this tool set five stars, with many saying they love it. “Got this as a gift for a Christmas party for my employees,” one shopper wrote. “This tool set was the envy of the raffle prizes. I initially bought one for my son and realized how good it was, so I gave one away.”A second shopper wrote, “I’ve been using this Craftsman 189-piece mechanics tool set for several months now, and it’s been a fantastic addition to my workshop. Overall, this set is extremely functional, user-friendly, and built to last. Great value and performance — I’d definitely recommend it to both beginners and experienced DIYers alike!”Shop more deals Craftsman 298-Piece Mechanic’s Tool Set, $279 (was $349) at AmazonCraftsman 32-Piece Wrench Set, $80 (was $99) at AmazonCraftsman V20 1.5-Inch Drill/Driver Kit With Two Batteries and Charger, $119 (was $139) at AmazonTake care of your own car repairs with the Craftsman 189-Piece Mechanic’s Tool Set. Grab it from Amazon while it’s on sale and save $40.

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