7:18:08 AM PDT - Monday, March 30th, 2020

Breaking: Oklahoma-Based Trucking Company Ceases Operations After 77 Years  

By Editor - Wed Mar 25, 1:21 pm

Family-owned Beaver Express Services of Woodward, Oklahoma, notified drivers and employees on Monday that the less-than-truckload (LTL) carrier is ceasing operations after 77 years.Mike Stone, president of Beaver Express, told FreightWaves that the coronavirus outbreak, soaring insurance costs and oil prices plunging to around $32 per barrel in March was the “perfect storm” that forced the company to wind down operations.He admits the company has been struggling for about two years. Stone said he explored every avenue to stay afloat or find another LTL carrier willing to buy the company, but failed to find one in time.”My grandfather helped start this business in 1943 and I am part of the third generation involved in operating the company, so this isn't a decision I came to lightly,” Stone told FreightWaves late Sunday.Stone sent a letter to customers on Saturday alerting them of the company's plan to wind down operations. After it makes its last deliveries this Thursday, Stone told customers the company had worked out an arrangement with Old Dominion Freight Lines “in an effort to minimize the impact” of the company's decision to close.”We have negotiated an arrangement with Old Dominion Freight Line, Inc. to handle your outbound shipments effective Wednesday, March 25,” Stone said in the letter. “Old Dominion Freight Line is not acquiring any assets or assuming any liabilities of Beaver Express.As the company winds down operations, a skeleton crew will work to collect the company's outstanding receivables, Stone said.Beaver Express had around 160 drivers and 218 power units, according to the Federal Motor Carrier Safety Administration SAFER website

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Breaking: Oklahoma-Based Trucking Company Ceases Operations After 77 Years

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