TransFinancial Closes Crouse Cartage
September 20, 2000
About 1,000 employees in 17 states are losing their jobs as TransFinancial Holdings closes the trucking operations of its biggest subsidary, Crouse Cartage.
Crouse generated most of the revenue for TransFinancial, Lenexa, Kan., for
the second quarter, according to published reports.
TransFinancial will take a one-time charge of $21 million for the shutdown. Company officials said the operations were closed because of ongoing losses.
Crouse was founded in Iowa in 1941 and had 63 terminals in the Midwest and Southeast.
TransFinancial will continue to operate a smaller trucking subsidiary, Specialized Transport Inc., and an insurance premium financing company, Universal Premium Acceptance Corp.