Indianapolis, Indiana-based 19th Capital Group , an asset financing and fleet management company, has announced that it would be closing its Indianapolis facility. Approximately 199 employees will be impacted by the closure. A notice on 19th Capital Group’s website points to its Quality Division website that posted this ominous message.
“We have taken the difficult decision to continue the run off of 19th Capital’s assets, leading to an eventual wind down of the business. This will include the wind down of Quality – the operating name of our truck leasing and fleet services division. We value our relationship with you and are committed to meeting our obligations to you as we proceed through this process. This includes supporting all of your leases with us. We will continue to service all of our leases through maturity, with no changes to rates or any other terms. The wind down will take place over time, during which time 19th Capital Group and Quality will fulfill our contractual obligations, and serve the needs of our customers. Essentially, this means that nothing changes for you as a client. The schedule of your payments remains the same, and the requirements under your agreements with us are unchanged. We will ensure we keep a team in place to serve you during this transition, and we will remain in close contact with you as we manage this next phase of our business.”
It appears that this closure should come as no surprise to employees since the company was purchased in October 2018 by Toronto, Canada-based Element Fleet Management with the express purpose of executing an orderly run off of the company’s assets. The company attempted to see the company but no deal could be consummated at acceptable terms. Citing a deterioration in the truck and fleet management market, Element is “immediately reducing the scale of 19th Capital operations and engaging with third-party lenders.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
