C. Bean Transport headed for closure? (Updated)

It’s likely the future of C. Bean Transport operations in Fort Smith will be more clear by early next week.

Updated info: Bell Receivers, the company charged by the federal court to handle the affairs of C. Bean Transport, is now expected to issue a statement on Wednesday (Mar. 17).

The company once had a large fleet and warehousing operation in Fort Smith with several hundred trucks and employees. But the national freight recession that began in October 2006 has resulted in more than 6,800 trucking company failures between 2007-2009.

U.S. District Judge Robert T. Dawson placed the transport segment of Amity-based C. Bean into receivership on Feb. 22. Richard Bell, owner of Little Rock-based Bell Receivers, was handed the task by Dawson to manage the company through the default of a $5.6 million loan with South Bend, Ind.-based 1st Source Bank — a large regional bank with more than $4.5 billion in assets.

On Friday, trucks and trailers were pulled across the entrances of C. Bean’s operation at the corner of Jenny Lind and Cavanaugh Roads in Fort Smith. Also, numerous trucks and trailers were staged on the grounds of the facility. Access was controlled by security guards and other personnel.

A guard at one gate said the operation was being closed and employees were being issued checks and papers.

Ron Fuller, a spokesman for Bell Receivers, said Bell and attorneys with the various parties were negotiating outcomes. Fuller declined to confirm or deny any speculation about the future of the company.

“They (Bell, attorneys) are trying to be as diligent as they can to protect employees and their families,” Fuller told The City Wire.

Fuller said the tentative plan is for Bell to issue a statement early next week about the future of C. Bean Transport.