Consolidated Freightways reportedly will try to sell its fleet
of trucks and the of terminals it operates around the country. The
trucking company surprisingly ceased operations on Labor Day, canning
15,500 workers. The Vancouver, WA-based company, which filed for
bankruptcy protection Sept. 3, doesn't plan to resume operations
and will liquidate assets to pay creditors.
Kevin Toon, a Consolidated spokesman, told Chicago's Daily Southtown
newspaper the company has no intention of once again hitting the
road after pruning some of its operations while in bankruptcy. Toon
said the company plans to sell its fleet of 27,000 trailers, 6,600
tractors and about 300 U.S. terminals.
The nation's third-largest less-than-truckload carrier had been
steadily losing money and had been trying to borrow money from other
sources. It also was exploring a sale of the company before opting
to close its doors.
Operations of the company's CF AirFreight and Canadian Freightways
Ltd. units are continuing normally, and their employees will keep
their jobs, the company said.