COMPETITION WATCH: Bruce R. Smith taken off ice
MISSISSAUGA, Ont. — Bruce R. Smith, a large Ontario-based flatbed and reefer fleet with a storied 60-year history, has emerged from bankruptcy protection thanks to a cash injection from Ron Tepper’s Tepper Holdings Inc. (THI Group).
On Oct. 27, the company emerged from Canada’s Companies Creditors’ Arrangement Act (CCAA) protection and management says it is now looking to put the recession behind it.
“Like many carriers, we have had a tough go the past two years and it has taught me how valuable our 60-plus years in this business really is,” said president and CEO John Smith. “I owe a lot to our seasoned team and our long-standing customers who have stayed with us through these turbulent times. I am pleased to announce that we are back on our feet and have a solid footing thanks to the agreement with the THI Group.”
Bruce R. Smith went into bankruptcy protection in the fall of 2009. It has since restructured its business and affairs.
Tepper said he was happy to help.
“We are pleased that John Smith will actively continue his historical role as president and CEO of Bruce R. Smith,” Tepper said. “He knows his business best and has done a great job of maintaining the relationships necessary to guide the company through gruelling conditions. What we and the members of the THI Group have brought to the table is considerable financial stability and additional resources that will make it possible for John to successfully grow the business for generations to come. I am excited about what we can accomplish with our combined talents.”
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Isn’t this the 3rd or 4th time this company has gone bankrupt? What’s up with that.
This is a good example on a company growing to fast to quick.Easy credit,brain dead management and a total lack of respect for drivers and owner operators and cheap rates and this is what you get a debt load of over 45 million and creditors 15% on the dollar
Looks like they are in trouble again…. yards have closed up. Rumours of closure or bankruptcy. Fastrate seems to be taking them over.
Worst place I’ve worked at. Lack of respect from customer service management.
Don’t you worry about John. He had his assets diversified well enough that the trucking industry was only part of his income. He still had property stakes and other interests, so losing the trucking business was a drop in the bucket, and probably only just made his retirement easier. He had a history of running presidents and vice presidents out, even ignoring his own fathers advice.
So, yes, he knew his business the best because he kept it all to himself!