TAVARES, FL-Three days before Christmas, the parent of locally-based AG Carriers, a national long-distance hauler, closed its doors, filed for bankruptcy protection and put 400 AG truck drivers out of work. The 33-year-old firm’s sudden exit from Southridge Industrial Park here, 40 miles northwest of Downtown Orlando, leaves an estimated 50,000 sf of warehouse space vacant.

LCT Transportation, formerly Lester Coggins Trucking, a 25-year-old, 500-employee Okahumpka, FL-based firm, is recruiting some of the laid-off drivers but is showing no initial interest in taking over AG’s estimated five-year lease at Southridge Park, according to a published report.

The 275-vehicle fleet is owned by Richard Baugh of nearby Eustis, FL and is part of Asche Transportation Services Inc. based in Shannon, IL. AG Carriers merged with Asche Transportation last year. Asche directors ousted chairman/CEO Larry Asche and vice president Diane Asche earlier this year after auditors alleged the pair misappropriated $1 million, according to Solid Waste Report, a trade publication.

Asche officials blamed its bankruptcy protection filing on an economic slowdown, driver shortages, higher fuel prices and rising insurance and bank interest rates, according to a published report. AG operates its 125 tractor trailers and 150 refrigerated trailers along the East Coast.

The demise of AG Carriers follows a national trend of failing trucking companies, according to a new study by A.G. Edwards & Sons Inc., a St. Louis-based securities-trading firm. A total 1,320 truckers went out of business in the third quarter alone, the highest amount ever tracked by Edwards. Failures for the nine-month period this year total 2,685, just below the record 2,708 companies that closed its doors in all of 1997.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.