Iddings Trucking to close
After filing for chapter 11 bankruptcy a year ago, it seems a longtime trucking company will be closing its doors for good this week.
Iddings Trucking, located at 741 Blue Knob Road, received a motion to convert to chapter 7 after it was thought the company might be able to pull through. The U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division filed the motion on Dec. 29.
However, this will be the last week the business will remain open.
“We will be closing on Friday and there are just four of us ladies left here in the office, finishing up things,” said Miranda Duty, Iddings’ finance manager, on Monday. “The drivers have all been able to find other places to go.”
Following the news of the bankruptcy filing in December 2017, former executive director Brad Loeber told The Marietta Times in a previous article that they hoped to turn a corner, start fresh and even hire some new employees. At the time, they had 32 employees, including 27 drivers. Calls to Loeber went unanswered Monday as he is no longer with the company. The remaining employees declined to comment about the closure.
“It’s just a very bad situation. The industry is very slow and we just weren’t able to make it,” Duty said.
Some former employees commented on a previous article that paychecks were often late. Duty said that, as a condition of the bankruptcy, there are currently no outstanding debts owed to employees.
The company was started in 1966 by Howard Iddings and George Loeber. They predominately hauled dry bulk commodities including metals, ores, coal, sand, gravel, lime, cement, fertilizers and plastics. The downturn of the hydraulic fracturing — fracking — industry in the area really took a toll on Iddings, Loeber had said previously. One of their larger customers canceled an order, forcing the layoff of 100 truck drivers in 2014, he said.
“I can’t obviously speak to what’s going on with an individual company but I think the trucking and shipping industry is cyclical,” said Andy Kuhn, executive director of the Southeastern Ohio Port Authority. “There are companies who are doing the same type of trucking that are doing very well and there are always individuals looking to start their own trucking companies to take advantage of the potential growth.”
Kuhn said it is projected that the fracking industry, especially north of Washington County, will see strong economic growth in 2018 into 2019.
“Accessory companies, like trucking companies, will be a part of that,” Kuhn said, “provided that they can manage themselves.”
The building located on the desirable Ohio 7 corridor is owned by a holding company consisting of Iddings and a silent partner, according to Kuhn. The Washington County Auditor’s website lists Inland Property Management of Youngstown as the owner. It is just under two acres and valued at $388,800.
Once a U.S. trustee is put in place, Duty said the equipment will be liquidated and interested buyers have already been lined up.
“That’s a highly visible location with dedicated river access and we at the port authority will definitely be there every step of the way if someone expresses an interest in the location,” Kuhn said.
At a glance
¯ Iddings Trucking, Inc. was formed in May 1966 by Howard W. Iddings and George C. Loeber.
¯ The business is located just outside of Marietta at 741 Blue Knob Road in Warren Township.
¯ Primary business was the transport of dry bulk commodities including metals, ores, coal, sand, gravel, lime, cement, fertilizers and plastics.
¯ On Dec. 30, the company filed for bankruptcy after a decline in business beginning in 2014.
¯ Executive director Bradley Loeber is no longer with company as of November 2017.
¯ A motion to convert to chapter 11 was filed Dec. 29, 2017 after debtor failed to file a disclosure statement.
¯ Last day for remaining four employees will be Friday.
Source: IddingsTrucking.com; U.S. Bankruptcy Court for Southern District of Ohio, Eastern Division.