Over the past few years, private equity funds have purchased many brick-and-mortar companies. But there's a problem: soaring energy prices.
Just look at Jevic Transportation, which has filed for bankruptcy. The trucking company was bought out by Sun Capital in July 2006.
Actually, the shut-down was not just the result of high fuel costs. Other problems included tough credit markets and increased insurance costs. Oh, and the slowing economy didn't help.
Unfortunately, Jevic had to lay off about 90% of its 1,500 employees (of which 1,000 were from Burlington County, New Jersey). The company got its start 27 years ago from a husband-and-wife team, Harry and Karen Muhlschlegel.
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Reader Comments (Page 1 of 1)
5-22-2008 @ 11:28PM
Martin said...
Let's eliminate the HUGE demand for oil by using the Hydrogen process and running our vehicles off water. The technology has been around for years and it works.
We can retro-fit our current vehicles to run off water. Utilze Plants across the country that have closed to make the necessary materials/parts. (Putting Americans, back to work)
Set up with Nationwide Auto Repair Shops to do the retro-fits bringing auto mechanics back to the forefront, and at the same time lower demand of foreign oil and hit these Big Oil companies in the pocket!!!
Goverment can provide a rebate to all consumers who retro fit their vehicles to run off water. And it helps clean the environment.
Why aren't we going in this direction?????
5-23-2008 @ 6:33AM
jim putt said...
The consumer is doomed !I own a small trucking company since 1994. trucking companys and owner operateres and coperate trucking companys cant take any more finacial. The future for ship cost will go up 800% by Jan 1 2009 .PRice for goods in the states will follow because THe TAxs and permits and fuel insuranc maintance is at 95% of what 1 truck makes there for after the uncle same takes the hole dam pie what is left is collapase of the trucking indistry,and yes high prices!