FTG to Liquidate

September 19, 2011  by in UnCategorized   

By Home Furnishings Business in Delivery on September 20, 2011 Home furnishings delivery and logistics specialist Furniture Transport Group is shuttering its business and liquidating its assets.

According to a release, the company will work with its customers and competitors to offer a seamless transition.

In the release, the company also said it had been trying to renegotiate financing with its senior lender for several months without success. €œIt has been determined that an orderly liquidation of substantially all of the company€™s assets is the only viable course of action,€ said Steven E. Lusty, CRO and acting CEO.

Lusty also said company officials are disappointed by the decision to liquidate, and regret the impact it will have on employees, customers, suppliers and the community.

Furniture Transport Group was formed four years ago by the merger of MGM Transport Corp., Caldwell Freight Lines and Foothills Trucking Co. The company acquired Lance Transport two years later. The merger of these transportation companies created a single transportation firm to serve the industry nationally and leverage each of the companies' strengths in information technology, logistics support and other business functions.