Consolidated closure affects 260 in Colorado

LOVELAND — No one answered the phone at the local office of Consolidated Freightways Corp. (NASDAQ: CFWYE) this morning. No one was there because the company informed employees yesterday that the carrier would discontinue operations effective immediately.

According to a press release the 73-year-old freight transportation company plans to file petitions for Chapter 11 bankruptcy today. Approximately 15,500 employees nationwide are impacted by the shutdown, about 260 work at the company’s three facilities in Commerce City, Colorado Springs and the Loveland facility at 6850 East 45th Street.

In letters mailed to employees today, the company said it had “been vigorously exploring ways to restore the financial health of the company. &. Unfortunately, this has not been the case. Nor do we have the resources necessary to sustain the business without additional financial resources. Therefore, it is with sadness and regret that I must inform you the Consolidated Freightways has discontinued operations effective immediately and all CF terminals are closed.”

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