Pettit Oil shuts down
By Jeremy Schwartz
Peninsula Daily News
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Calls to the company's main 800 number and to their distribution facility in Port Angeles are met with the following recorded message:
“We regret to inform you that after many years of service, Pettit Oil has closed its doors and is no longer in business. We appreciate your many years of loyalty as a customer.”
The company sought bankruptcy protection in December, reporting assets of about $18.7 million and liabilities of roughly $22.5 million, according to a Nov. 25 petition filed in U.S. Bankruptcy Court in Tacoma.
Company executives reached by phone directed inquiries to attorney Brian Budsberg, based in Olympia, though they did confirm the closure affects all of Pettit's facilities.
Pettit employs about 200 people and was listed as the state's 33rd-largest private company by the Puget Sound Business Journal in 2011, according to the company's website.
The company was in business for more than 75 years, according to its website, and distributed heating oil across 12 counties, including Clallam and Jefferson.
The company also supplied Chevron, Shell and Phillips 66 fuels and lubricants to the marine, commercial and automotive industries.
In 2012, Pettit transported more than 96 million gallons of petroleum products and collected revenues of roughly $319.1 million, according to the bankruptcy filing.
Reporter Jeremy Schwartz can be reached at 360-452-2345, ext. 5074, or at firstname.lastname@example.org.
Last modified: January 17. 2014 1:09PM