New England Motor Freight filed for bankruptcy and intends to discontinue its trucking operations. Various economic factors led to the decision including operating cost increases and a shortage of drivers.
NEMF is a less-than-truckload freight service that operates in metro area of New York City and New Jersey. Established in 1977, NEMF is affiliated with the Shevell Group of Cos.
The Wall Street Journal reported NEMF has assets of 100 to 500MM and liabilities of 50 to 100MM, of which the majority is owed several large banks.
Filing for bankruptcy will allow them to maximize value for employees and creditors.