A Grand Prairie company is laying off 157 workers as its parent company looks to restructure and avoid paying out hundreds of millions to lenders.
Several semi-trucks drive along U.S. 75 near the exit for Interstate 635 at the High Five Interchange, Tuesday, Feb. 13, 2024, in Dallas.Arnold Transportation was among Pride Group’s companies that hoped it would be able to find enough funding to keep its Grand Prairie facility open, but those efforts ultimately failed, according to layoff notices filed with the. The law allows for a company to work through troubling financial times by creating a plan with its creditors.
“The Company had hoped to restructure in the course of the CCAA proceeding and obtain new business and/or obtain funding, including funding for benefits and payroll, by pursuing a transaction or restructuring that would have enabled it to continue operations and to prevent the closing of the facility but was unable to do so,” the letter said.The Grand Prairie facility, located at 3375 High Prairie Road, officially closed Tuesday.
Arnold attributes the short notice to lacking the capital to pay for its operating expenses and wages to workers, the letter said. “The company also pursued options for securing a purchaser of the facility, which would have allowed the facility to remain open and operating, but was unable to secure a purchaser on an urgent basis in light of liquidity constraints,” it said. “The plant closing was not reasonably foreseeable at the time notice would have otherwise been required. In addition, notice is further excused because the business is being liquidated.”Arnold’s employees will soon be looking for new jobs.