Jevic Transportation Folds, Citing High Fuel Costs
Truckload and less-than-truckload carrier Jevic Transportation said Monday it is discontinuing operations, due to soaring fuel costs and a weak economy.
“The current high fuel costs, economic downturn, increasing insurance costs, and tightening credit markets have made this decision necessary,” Chief Executive Officer David Gorman wrote in a note to customers on the company’s Web site.
Jevic will stop providing pickup service effective Monday, but will continue delivering all freight within its system prior to closing, Gorman wrote.
Jevic, a former unit of SCS Transportation (now Saia Inc.), was sold to private-equity firm Sun Capital Partners in 2006 for $40 million.
Jevic was ranked No. 71 in last year’s Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
