💥New Chapter 11 Bankruptcy - DRF Logistics LLC💥

Pitney Bowes abandons money-incinerating logistics business.

On August 8, 2024, Texas-based DRF Logistics LLC (“DRF Logistics”) and DRF LLC (together, the “debtors”) filed chapter 11 bankruptcy cases in the Southern District of Texas (Judge Lopez). Prior to the filing, DRF Logistics was wholly-owned and controlled by Pitney Bowes International Holdings Inc. (PBIH) and also a wholly-owned subsidiary of Pitney Bowes Inc. ($PBI), which, as luck would have it, also happened to announce earnings on the same day as the bankruptcy filing! Investors were thrilled: check out the after hours action on the tape ⬇️:

Source: Google. The market continued to like what PBI had to offer. The stock hit $7.30/share in aftermarket trading yesterday, August 13, 2024.

That’s because the industrial-strength letter-stamper and parcel-carrier had some great news for shareholders: the long nightmare of the company’s attempt at e-commerce fulfillment, a mire into which it had flung $1.1 billion since ‘15, is over. Shareholders! Applaud your management!