It appears to be the end of the road for Elizabeth-based trucking company New England Motor Freight Inc., which announced a voluntary Chapter 11 bankruptcy filing this week and said it intends to wind down operations.
NEMF is part of an Elizabeth-based logistics firm, the Shevell Group of Cos. The lighter-than-truckload business and 10 related entities announced the filing Monday.
“We have worked hard to explore options for New England Motor Freight, but the macroeconomic factors confronting this industry are significant,” Vincent Colistra, a senior managing director with Phoenix Management Services LLC who is serving as NEMF’s chief restructuring officer, said in a prepared statement. “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.”
Phoenix is serving as the company’s restructuring adviser.
The Shevell Group also includes Carrier Industries, Eastern Freight Ways, NEMF Logistics, NEMF World Transport and Apex Logistics. Chairman Myron Shevell bought NEMF in 1977.