Green Bay-Wisconsin based Schneider launched FTFM in June 2016 as a business-to-consumer e-commerce category, "first-to-final-mile" shipping service for furniture and carpeting orders.
According to financial records, the FTFM service lost $26 million in the first half of 2019 and was on track to lose another $9 million in the third quarter.
As part of the shutdown of the FTFM unit, Schneider announced it would layoff 73 employees at its Conover, North Carolina terminal and 85 jobs in Green Bay.
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The truckload (TL) carrier's FTFM network consisted of 26 terminal locations with nationwide service for business-to-business and business-to-consumer movements of household durable goods.
"Compared to the second quarter of 2018, operating earnings were negatively impacted by FTFM, and by muted seasonality in 2019, which affected all operations.
OR for the division was 98.5 percent, 930 basis points worse year-over-year, which includes the FTFM goodwill impairment.
"We have made the difficult decision to execute a structured shutdown of our FTFM service offering," Mark Rourke, chief executive officer, said in a statement.
In the second quarter investor earnings call, Stephen Bruffett, executive vice president and chief financial officer, said FTFM amassed $26 million in losses in the first two quarters of 2019 and another $9 million in losses are expected in the third quarter.
FTFM offered services for business-to-business and business-to-consumer movements of product categories such as furniture, carpet and appliances.