CF auctions off terminals

Nov. 15, 2002
Consolidated Freightways (CF) has begun auctioning its network of closed terminals, raising questions about whether a group of investors will be able to revive the company and save thousands of jobs.

Consolidated Freightways (CF) has begun auctioning its network of closed terminals, raising questions about whether a group of investors will be able to revive the company and save thousands of jobs.

CF said it has raised $53 million with the sale of terminals, including locations in Long Beach and Hayward, CA; Brooklyn, NY; Madison, WI; St. Cloud, MN; and South Chicago and Des Plaines, IL.

"It was a very successful auction," Consolidated spokesman Mike Brown said.

The sales cast a cloud over attempts to revive the trucking company by a group of private investors. Ft. Worth businessman Frank Snell started a new company, Rollin' International, that offered $500 million to bring the carrier and put its trucks back on the road.

Rollin's offer expires today, and included some of the properties that were auctioned, but Snell said the company plans to make another offer soon.

Snell said he was disappointed that the company didn't show more interest in the group's proposal.

"You would think they would try to figure out how to make it work, as opposed to just trying to kiss it off, so to speak," he said.

About the Author

Tim Parry

Tim Parry is a former FleetOwner editor. 

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Take Control of Your Finances: A Practical Guide for Carriers in Trucking

This guide is designed to help you navigate these challenges, featuring strategies for automation, examples of effective tools, and a real-world success story from Phoenix Cargo...

Report: The 2024-2025 State Of Heavy-Duty Repair

Fullbay's fifth annual State of Heavy-Duty Repair compiles insights from almost 1,000 experts and over 3,500 shops. If you aren't leveraging these proven data points, your competition...

Guide For Managing Maintenance

The Guide for Managing Maintenance is a comprehensive resource designed to help fleet managers improve their maintenance operations, reduce downtime, and lower overall fleet costs...

The Road Ahead: 2025 Trucking and Fleet Insights

Discover how fleet operators are impacted by challenges like driver onboarding delays and complex compliance, and the critical need for technology to boost efficiency and cut ...