For iGPS, the wheels came off the bus. The loss of million pallets triggered a default, according to court information, and set in motion events that eventually resulted in it filing Chapter Clearly there were issues with pallet disappearance, as well as with respect to durability and warranty issues. Jun 26, · Bob Moore Early in the month, the company filed for bankruptcy and announced its sale to a new joint venture, according to the company. iGPS filed a voluntary petition with the U.S. Bankruptcy Court for the District of Delaware for approval pursuant to Section of the U.S. Bankruptcy Code. Jun 13, · by MM&D staff. ORLANDO, Florida—Plastic pallet pooling company Intelligent Global Pooling Systems Company LLC (iGPS Co) has petitioned for bankruptcy. The Orlando, Florida-based company took the financial step as part of a sales process. It intends to sell its assets to a joint venture formed between Balmoral Funds (a Los Angeles, California-based private equity company), One .
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Maybe iGPS is just too ambitious, and would have been better served by a more controlled entry, or more value-added applications such as pharmaceutical. PECO comes to mind as a pool that initially targeted private label goods so as to minimize retrieval lanes.
Whether or not iGPS makes it in its second reincarnation is still open to conjecture, but plastic pallets will continue to find new pooling applications, albeit perhaps ones that are less complex for the time being.
This site uses Akismet to reduce spam. Learn how your comment data is processed. Reusable Packaging News Pallet and reusable packaging news, resources and suppliers. The wheels on the bus go round and round… One of the hazards of being married to a first grade teacher is knowing two many nursery rhymes. Now with new investors on board, iGPS says it is poised to maintain service levels: iGPS will continue operating its business without interruption during the sale period, and its focus on high level of customer care will not be affected.
Filed Under: Featured Articles. It billed itself as providing a plastic pallet that was 30 percent lighter than wood and could be tracked using RFID technology.
In , however, chinks began to appear in the iGPS armor. According to published reports, lenders then began demanding payments from iGPS, which filed for bankruptcy protection earlier this year.
Additionally, ConAgra Foods Inc. It is unclear if the defections were due to any fallout from the missing pallets. Plastic pallets are considered more durable than their wood counterparts.