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TRUCKING INDUSTRY CRISIS * USA - Another LTL carrier closes its doors
In early July, Alvan Motor Freight filed Chapter 11 bankruptcy and announced it was closing its doors
Newton,MA,USA -Purchasing, by David Hannon -14 Aug 2008: -- Alvan Motor Freight had seen a lot of market trends in its 67 years of operations as a less-than-truckload carrier based in Kalamazoo, Mich. But the latest "perfect storm" of declining trucking demand, record high fuel costs, a strike at a major automotive-industry customer and tighter credit markets was just more than the 500-employee firm could bear. In early July, it filed Chapter 11 bankruptcy and announced it was closing its doors... The company's CEO James Van Zoeren, whose family founded the company in 1941, said he tried to find a buyer for the LTL carrier, "but just couldn't find any takers"... A week before Alvan closed its doors, JHT Holdings, a holding company for several automotive industry trucking firms, announced a restructuring under Chapter 11 but said it plans to continue operations. The week before that New York-based flatbed steel hauler Path Truck Lines shut its doors. And the biggest filing lately has been Jevic Transportation which shut down in May... Labels: trucking industry crisis
posted by Unknown @ 7:40 PM
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