CF closed (Kind of Off topic, but maybe not)

Dreamer · Sep 2, 2002

To say that shock was reigning supreme here in Columbus Ohio today, is an understatement.
The news reporters were outside the Consolidated Freightways yard as word spread mouth to mouth among drivers, and they starting pulling up to the yard to find it barricaded. With no warning to drivers apparently, CF declared bankruptcy, and shut down. Security guards were refusing drivers access to even get personal effects, or anything. They were interviewing drivers as they pulled up, (leave it to the news people to be right in their face), drivers with 20-25 years experience, who found out they had no job seeing it on the news. Total confusion and bewilderment. I felt so sorry for those guys.

Makes you wonder who will handle all those loads. There were 300 plus drivers at just this one local yard. Wonder if someone will snap them up like FedEx did American Freightways...

Happy Labor Day indeed.....

Lawrence · Sep 2, 2002

RE: CF closed

Tragic.

Consolidated Freightways files for bankruptcy

Venerable trucking firm sets as many as 15,500 job cuts

ASSOCIATED PRESS

VANCOUVER, Wash., Sept. 2 — Consolidated Freightways Corp., a 73-year-old trucking company, said Monday it was filing for Chapter 11 bankruptcy protection and laying off as many as 15,500 people around the country.

THE COMPANY’S STOCK had tumbled since it requested an extension in filing its second-quarter earnings two weeks ago and announced that it might be de-listed from the Nasdaq stock market.

In letters being mailed to workers Tuesday, the company said it simply didn’t have enough money to continue operations.
“We expected that recent discussions with our banks, other lenders and real estate investors would enable us to obtain significant additional financial resources,” the letters said. “Unfortunately, this has not been the case.”

Hundreds of workers had shown up for work at Consolidated Freightways offices Monday, only to find the offices locked. In a recorded telephone message, Chief Executive John Brincko told them not to show up Tuesday.

About 15,500 workers would be affected, the company said, with more than 80 percent receiving termination notices immediately.

The company said it planned to file for bankruptcy protection Tuesday.
Operations of the company’s CF AirFreight and Canadian Freightways Ltd. subsidiaries would continue normally without layoffs.

“I knew it was coming, but it crept up on me faster than I wanted it to,” said James Onley, 62, a Rockford, Ill.-based driver who has been with the company for 22 years. “It’s gonna hurt me, but I’ll make it. It puts a little crimp in our finances is all.”

Lawrence
Expediters Online.com

RichM · Sep 2, 2002

RE: CF closed

Sad story,unlike the airlines usually when a trucking company declares bankruptcy,they don!t start up again. Wonder if this will affect the Con Way Companies who are non union, and in paricular Conway Now.

Weave · Sep 2, 2002

RE: CF closed

Looks like those ltl loads will go to the others. I hope more stuff goes to Yellow as I do a lot of work for them. Still sad as I think all of us have been looking at CF trucks on the highway all our lives.
I sort of thought something was up with them as their equipment has been looking awful junky lately.
-Weave-

Lawrence · Sep 2, 2002

RE: CF closed

For all you history buffs...

Do you know that the Freightliner truck and concept comes from the orginal CF company.

Lawrence
Expediters Online.com

Lostmarbles · Sep 8, 2002

Gose to show you, that the trucking business is more than trucks and truckers. Looks like salesmen were under trained and board members were sitting on their thumbs.
I worked for P.I.E. when they went out of business. Out not because of lack of frieght but because the REAL ESTATE was more valuable than three years worth of trucking!
I pulled up two weeks before Christmas and they said it was over. So I pulled the truck to another yard until I got paid ( don't try that one at home kiddies)three months later!
Everyone survived except us that went off to start our own business. lol! Every person that waited for work is about to retire and all of us " smart guys" are still working!

Life is what happens to you while your busy makeing other plans.

Lawrence · Sep 8, 2002

RE: P.I.E.

Lostmarbles,

Curious, how did the trade for the tractor/trailer for your pay go?

Thanks!

Lawrence
Expediters Online.com

Lostmarbles · Sep 10, 2002

RE: P.I.E.

Well simplie put. If it weren't for the fact that the Holding company was refuseing to pay anyone.(..ie. drivers,office,and vendors like mechanics) I would have gone to jail for " Theft by control". In Arizona when a company tries to avoid paying their bills or contracts the State has the option to impound and put liens on every thing. THEY DID. It let me off the hook too. They had to pay three times the wage also ( AZ LAW). There was another stink about where the retirement fund went and I never did hear what happened with that.
You would be supprised to know what presidential type was on the board that oversaw all this ( PIE was out of Jacksonville FL).
The same thing happened when Arnold Palmer tried to run off without paying the subcontractors building HIS Golf resort here. They paid up after the CD's matured. By then many were broke.
Happened here again when a movie filmed here came up missing exsposed film after the pay checks bounced. So ya know where I got that Idea. Not one of My best.

Life is what happens to you while your busy makeing other plans.
Life is what happens to you while your busy makeing other plans.