New Century Transportation Shuts Down

Looks like all employees were sent a notice today informing them of a permanent shutdown due to operations financing issues. Anyone else have any additional information about what happened?

 

I received that same notice in my email earlier today. How large was their fleet?

 

It says:

This is to notify you that, due to an unforeseeable and dramatic change in business circumstances beyond its control, New Century Transportation, Inc. ("NCT" or the "Company") expects that it will permanently shut down its operations and all of its facilities, including the facility located at 45 East Park Drive, Westampton, New Jersey, and will terminate all employees.

The unforeseeable need to shut down operations arose when NCT's lender recently and unexpectedly declined to continue funding their business operations. NCT immediately took steps to seek financing and other alternatives, including a sale of all or party of the Company, in order to continue its operations, but to date, its efforts have been unsuccessful. NCT will file for relief under chapter 7 of the United States Bankruptcy Code. NCT reasonably believes that it could not have provided earlier advance notice of the shutdown because such advance notice would have precluded NCT's ability to secure alternative financing or a sale of the Company.

The following information is provided to you in accordance with the provisions of the Worker Adjustment and Retraining Notification Ace (the "WARN Act") and the New Jersey Millville Dallas Airmotive Plant Job Loss Notifications Act.