INDIANAPOLIS — Celadon Group, a worldwide trucking company with corporate headquarters on East 33rd St. on the eastside, abruptly closed its operations on Monday, Dec. 9, leaving about 4,000 employees without jobs. The company filed for bankruptcy, partly due to costs related to investigations into wrongdoing by former management, and significant debt obligations.
Celadon was established in 1985 and rose to become one of the largest trucking companies in North America. With revenues of over $1 bullion in 2016, Celadon’s stock was suspended on the New York Stock Exchange in 2018 when an internal investigation revealed accounting errors and fraud. The company’s COO and CEO announced their resignations. The company agreed to pay a total $42.2 million as part of a deferred prosecution agreement in April 2019, and on Dec. 5, the Securities and Exchange Commission charged the two former executives with accounting fraud.
In a statement, Mayor Joe Hogsett announced: “Today’s decision by Celadon is the result of the worst kind of corporate recklessness, with the actions of a few highly-paid executives creating tragedy for workers across Central Indiana. While I am concerned about the future of the Celadon campus on the far eastside and the economic impact of its closure, my top priority is the well-being of Indianapolis families affected by this announcement.
“I have directed my office and Employ Indy to immediately begin working with the Indy Chamber, as well as community partners like Ascend Indiana, to identify impacted workers and connect them with short-term resources, as well as training and tools that will provide a pathway to new career opportunities.”
• Individuals separated from Celadon are encouraged to immediately file for unemployment insurance benefits with the Indiana Department of Workforce Development at: https://www.in.gov/dwd/2334.htm.
• All employees are encouraged to proactively visit Central Indiana WorkOne locations for career services assistance and indicate they are from Celadon. WorkOne locations in Central Indiana are accessible at: https://www.in.gov/dwd/WorkOne/locations.html.
• Additionally, several other resources will be available to affected employees, including access to Ascend Indiana’s networking platform for job opportunities of professional staff with Central Indiana Corporate Partnership members at: http://bit.ly/Ascend3; immediate job search assistance at WorkOne Indy located at 4410 N. Shadeland Ave.; dislocated worker training funds are available for displaced workers in Marion and Central Indiana who are interested in skilling up for their next career opportunity; and complimentary personal finance assistance from Pete the Planner. Impacted workers can reach out to Pete and his team using the dedicated email address: celadon@petetheplanner.com.