ELIZABETH, N.J. — New England Motor Freight Inc. and 10 related entities have filed for Chapter 11 bankruptcy in New Jersey.
The company intends to wind down operations, which includes a terminal at 118 Hall St., in Concord, N.H., which employs about 30 drivers and nine office staff.
“We have worked hard to explore options for New England Motor Freight, but the macro-economic factors confronting this industry are significant,” Vincent Colistra, a senior managing director with Phoenix Management Services LLC and chief restructuring officer for the company, said in a statement issued Monday.
“Following two years of losses, and with continuing and unsustainable rises in overhead as well as a severe industry shortage of drivers, we have concluded that the company has no choice but to proceed with an orderly wind-down of operations in a Chapter 11 proceeding,” he said.
New England Motor Freight Inc. provides less-than-a-truckload (LTL) carrier services in the United States and Canada. Founded in 1977, the company is based in Elizabeth, N.J., and has terminals in the Northeast and Mid-Atlantic.
The company was ranked the 18th largest LTL company in the U.S. in 2018, when its revenues topped $400 million, according to Transport Topics, a trucking trade website.