New Century Transportation Shuts Down

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What a crappy mindset... no one likes losing money. Even rich people. Im not a rich man but when I invest, I know the risks and the rewards.

It hurts me to lose money, and it feels great to pick a winner. At the end of the day you hope the choices you have made put out you ahead, or at least break even.

For those jobs to exsist in the first place, someone or a group of people had to put the money up with the risk of winning some sort of return on their investment or losing the money. I guarantee there are investors who lost their money on this thing, and I guarantee it hurts them too.

Socialist or communist?... Somehow I think you'd take some form of capitalism... theres no future of getting ahead under those other two economics

 

it wasn't the new owners at either place. he got both companies in money problems. bailed on jevic thru sale to yellow, got chased out of nct by investors in 2012. he was still on board of directors at nct.

 

What did the union do for all the steel mills around pittsburgh and west virginia in the 70s answer is the mills all closed down!

 

More people have lost their jobs/pensions due to the unions than the unions ever helped.

Take a look around, the unions are dying everywhere because they are worthless. All those promises of fancy pensions that were/are unfunded or got dumped into the governments Pension Benefit Guaranty Corporation are a joke, there’s 44 million people in that program with pensions severely cut from what they were promised by unions and this doesn’t even include the millions of others who ended up with nothing when the companies they worked for went bankrupt because of unreasonable union demands.

You think the “megas” are taking advantage of people? They are nothing compared with the tens-of-millions mentioned above. Don’t like the “megas?” Don’t work for them.

 

EZX1100 spends most of his time in the Politics section making himself a victim with everything there too.

I've asked before why if these unions are so wonderful why they haven't started their own companies. Unions could easily get the financing they need to start or buy a mega carrier and then pay all these wonderful things they keep demanding from other companies. Why don't they do this? Because the know their actions are what bankrupt companies, not make successful & profitable ones.

They have a great scam going, they bankrupt one company and then move on to bankrupting whoever replaces them but people are finally wising up to the millionaires running unions living lavish lifestyles off the backs of workers and moving away from them = unions are dying off for a reason and its not because of unions being a friend to the workers.

 

Yes that is correct

 

Wow im amazed people actually realize that unions are no good.

 

The trucking company New Century Transportation is shutting down and filing for Chapter 7 bankruptcy liquidation.
A copy of a June 9 letter to employees from the New Jersey-based carrier and obtained by Truckinginfo.com says the decision came when its lender “unexpectedly declined to continue funding regular business operations.” It goes on to say New Century then “immediately took steps to seek financing and other alternatives including a sale of all or part of the company, in order to continue operations, but to date, its efforts have been unsuccessful.”
The letter also states advance warning about the bankruptcy to employees was not possible any sooner because New Century says it would have precluded its ability to secure alternative financing or a sale of the company.
When contacted, a company official would neither confirm nor deny the closing and referred us to CEO Terrance Gilbert. There has been no response to a voicemail left by Truckinginfo.com for Gilbert. However, the Courier-Post newspaper, Camden, N.J., reports an employee who answered a call at the firm's headquarters confirmed the bankruptcy announcement and said workers had been informed of a planned shutdown.
The Westampton, N.J.-based carrier specialized in both truckload and less-than-truckload services with a fleet of 2,000 trucks, according to its website. The bankruptcy reportedly puts some 1,500 people out of work.
According to Transport Topics newspaper, New Century was ranked the 45th largest truckload carrier in the U.S and Canada by revenue last year, with $127 million in business. It was also ranked as the 30th largest LTL carrier, with $144 million in business.
New Century Transportation was founded in 2000 and also operated the affiliates North Wind Logistics and Western Freightways, a Colorado-based carrier it purchased in 2006.
In 2006, New Century Transportation's founder, Harry Muhlschlegel, was named an HDT Truck Fleet Innovator for his innovative TL/LTL model and early adoption of specs such as wide-base single tires.

 

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