FTG to cease operations and liquidate
Specialized furniture carrier unable to secure financing
Furniture Today Staff -- Furniture Today, September 19, 2011
LENOIR, N.C. — Specialized furniture carrier Furniture Transport Group announced Monday that its board of directors has decided to cease operations and liquidate its assets.
The company, one of the biggest carriers serving the home furnishings industry, said it had been trying to renegotiate financing with its senior lender "for several months without success," and had been unable to secure financing from other sources.
"It has been determined that an orderly liquidation of substantially all of the company's assets is the only viable course of action," said Steven Lusty, who was named FTG's president and CEO in January.
It wasn't immediately clear if the company planned to file for bankruptcy protection.
Lusty said company officials are disappointed with the decision to liquidate, and regret the impact it will have on employees, customers, suppliers and the community.
FTG was formed in 2007 with the merger of MGM Transport, Caldwell Freight Lines and Foothills Trucking. The company also acquired Lance Transportation in 2009.
The company said it will be working closely with customers and competitors "to provide a seamless, high-quality transition of business."
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