Covenant Transportation Group Announces Texarkana Terminal Closure And Provides Liquidity Update
COVENANT TRANS (CVTI)
Last covenant trans earnings: 1/23 04:01 pm
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US:NASDAQ Investor Relations:
ctgcompanies.com/investor-relations/stock-info
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Source: GlobeNewswire
CHATTANOOGA, Tenn., April 20, 2020 (GLOBE NEWSWIRE) -- Covenant Transportation Group, Inc. (NASDAQ/GS: CVTI) (“CTG”) today announced its plans for closing its Texarkana, Arkansas terminal and an update on liquidity as of March 31, 2020. Texarkana Facility Chairman and Chief Executive Officer, David R. Parker, commented: “Beginning May 1, 2020, CTG plans to wind down operations at the Texarkana, Arkansas terminal, which had primarily served as the operating center for solo-driven refrigerated service. CTG is continuing to provide its high-quality solo-driven refrigerated service. The terminal closure is expected to result in a permanent workforce reduction of approximately 150 support staff teammates, who will be provided severance and healthcare insurance support. This action, while regrettable and extremely painful to many in our enterprise and especially to those directly impacted, is necessary to focus our staffing and capital towards our targeted business units and to lower ov
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