Pallet Management files for bankruptcy

Feb. 19, 2003
Pallet Management Systems, which provides wood pallets and other shipping containers to the transportation industry, filed for Chapter 11 bankruptcy protection this week. The Coral Springs, FL-based company said it plans to restructure its pallet manufacturing operations and evaluate whether to keep or dispose of existing plants and its distribution, logistics and information technology functions.
Pallet Management Systems, which provides wood pallets and other shipping containers to the transportation industry, filed for Chapter 11 bankruptcy protection this week.

The Coral Springs, FL-based company said it plans to restructure its pallet manufacturing operations and evaluate whether to keep or dispose of existing plants and its distribution, logistics and information technology functions.

After reorganization, Pallet Management said it hopes to shift its business focus toward reverse distribution logistics services.

VP & CFO Marc Steinberg said performing under the demands of its existing contracts prevented growth and, coupled with current lumber market prices, contributed to the company's need to seek bankruptcy protection.

About the Author

Sean Kilcarr | Editor in Chief

Sean previously reported and commented on trends affecting the many different strata of the trucking industry. Also be sure to visit Sean's blog Trucks at Work where he offers analysis on a variety of different topics inside the trucking industry.

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