Long-Running Ohio Carrier Files for Bankruptcy
In the competitive and sometimes hard-to-predict freight industry, carriers face new challenges on a daily basis. When a trucking company can keep their operations running for a long time, it is extremely impressive. That being said, no carrier is immune to the struggles that come in a tumultuous economy.
Iddings Trucking has been involved in the freight industry for half a century, but the Marietta-based carrier recently announced they’d be filing for bankruptcy.
The company is a well-known name in the region for the transport of dry bulk commodities. They also feature a number of pneumatic tank trailers on their fleet.
But while they served as a strong force in their areas of expertise for years, a slump in the oil and coal industries in their home state of Ohio caused the carrier to struggle in 2014. Their problems continued, leading to a bankruptcy claim being filed.
The company was formed by Howard W. Iddings and George C. Loeber in 1966. Executive Director Brad Loeber did note that the business experienced a large amount of success through the years and even a large burst of success before their 2014 slump began.
The success of partner industries during this time helped the company expand their roster ten times over during the boom period. But once things began a slow downturn, the company ended up laying off over 100 drivers.
The current company roster has 32 individuals 27 of which are drivers. The company ended up being forced to pay some fees for equipment protection plans after they looked to expand their operation to handle the influx of new business. The resulting downturn left them in a tough position.
But the company doesn’t plan to cease operations – instead they’re simply looking to hold off on hiring new employees for now while they line out their current situation. “We had to file for bankruptcy to get our priorities in line,” Loeber said. “We just need to really re-organize ourselves. It was like trying to catch a falling knife when that business declined.”