Brookline Red Cab filed for Chapter 7 bankruptcy on Thursday, indicating the company plans to wind up its operations.
The reason for the cab company’s bankruptcy wasn’t stated in the filing, but many Boston taxi industry figures have said intense competition from ride-hailing apps such as Uber and Lyft has sharply cut down on their business.
According to the Brookline Tab, it’s the second local taxi company to shut down in recent weeks. The bankruptcy filing was first reported by the Boston Business Journal.
The company told the US Bankruptcy Court it had $50,000 to $100,000 in assets and between $1 million and $10 million in liabilities.
No one answered the phone at Brookline Red Cab’s offices. The company’s listed attorney didn’t immediately respond to a reply for comment.Jack Newsham can be reached at email@example.com. Follow him on Twitter @TheNewsHam.