Motor carrier Jevic goes out of business
The mix of slow economic activity and soaring fuel costs claimed a major casualty in the trucking world today when less-than-truckload carrier Jevic Transportation announced to customers that it had shut down operations.
Jevic, based in Delanco, N.J., said it would continue to deliver freight within its system prior to closing.
The motor carrier also attributed its failure to increasing insurance costs and tightness in the credit markets.
Jevic has struggled for several years to become profitable. In 2006, SCS Transportation — now Saia — spun off Jevic to a private equity firm for about $40 million to improve its chances for a turnaround.