February 9, 2010
Monson Trucking of Duluth, Minn., is shutting down following the loss of two major shipper customers.
The company, founded in 1915, closed terminals in Virginia and Red Wing, Minn., and Mauston, Wis., July 1, and will shutter its Duluth headquarters Aug. 31.
Michael Monson, one of the owners, blamed the company's collapse on the recession, the decline of the paper industry and a loss of business following the shutdown of two Canadian paper mills.
The company has 200 employees. About 100 will work through Aug. 31. The company plans to sell its equipment in September, according to the Duluth News Tribune.
Read more on the JoC blog at www.joc.com/node/412193.
Contact William B. Cassidy at wcassidy@joc.com.
It is another sad news. Hundreds will be left jobless after the company will close. Many will again have trouble with finances and when will it be over, no one knows. The idea used to be for Americans to rack up a lot of debt to buy a lot of silly junk, but now more of us are thinking about debt relief. Since the recession hit, the lending crash, and job loss started to point out the vulnerability of everyone except the super rich folks that created said recession, more people have been thinking about debt relief, and it's led to a lot of people setting up an emergency account, for emergency funds. Cash is king, and the more you have for a case of emergency is a good idea – most experts recommend 6 to 8 months of salary in savings, so you don't need installment loans for debt relief.
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