N.J. Carrier New Century Transportation to Shut Down
New Century Transportation
New Century Transportation, a New Jersey-based less-than-truckload and truckload carrier, has told employees it plans to shut down.
The company filed a Workforce Adjustment and Retraining Act notice, or WARN Act, with the state’s Department of Labor confirming the action and listing 1,577 employees. As of midday, the company was still answering phone calls, and there was no statement about a shutdown on its website, although an employee assistance page dated June 10 was available, saying New Century is "committed to assisting you at this time in whatever areas possible" and offering e-mail addresses and phone numbers.
There has not been a bankruptcy petition filing.
“We have not filed. It’s a difficult situation for NCT & all our stakeholders. Our team continues to work through the process,” CEO Terry Gilbert told Transport Topics in an e-mail June 10.
A letter to employees from Gilbert was posted on trucking Internet sites. It said that “the unforeseeable need to shut down operations arose when NCT’s lender recently and unexpectedly declined to continue funding our regular operations.”
New Century listed $266.7 million in revenue last year, including $154.2 million from LTL. New Century, of Westhampton, N.J., listed 1,000 company-owned tractors on its TT carrier survey.
The letter, which didn’t name the lender, also said “NCT 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.”
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|By Rip Watson|
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