P-I-E International Is Going Out of Business:...
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P-I-E International Is Going Out of Business: The trucking firm that filed for Chapter 11 bankruptcy protection in October will cease operations Dec. 29, laying off its 3,000 employees. P-I-E, a unit of Olympia Holding Corp. of Miami and a sister company of insolvent Transcon Lines of Los Angeles, said a bankruptcy trustee will be appointed to oversee its liquidation. The company cited the economy, fuel prices and adverse publicity associated with the Chapter 11 filing for its inability to continue operations. It also announced an agreement to sell its business to Intermodal Transportation Services Inc. of Downer’s Grove, Ill.
Intermodal’s parent is controlled by some of the same people who control Transcon Lines and P-I-E. Terms of the deal were not disclosed.
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