The final chapter in the storied history of a series of well known companies came to an end Tuesday when Arcadia Aviation, an aircraft charter/management company and FBO operator, closed and all of the company’s employees were laid off. Arcadia bought Wayfarer Aviation in July 2010; Wayfarer incorporated the remains of JetDirect Aviation, which had tried to consolidate more than a dozen charter firms into a nationwide provider but lost tens of millions of dollars before going bankrupt. One of JetDirect’s acquisitions included assets of TAG Aviation USA, which stemmed from the original Wayfarer Ketch, a management company formed from the Rockefeller family flight department. Arcadia, headquartered in New York, employed 50 to 60 people, according to a former employee, and managed seven aircraft. The company also had FBOs in Martinsburg, W.Va., and Monticello, N.Y. “We weren’t really given information as to what happened,” the employee told AIN, “just that financing wasn’t there so they had to shut the doors. We were all in shock.” An Arcadia pilot told AIN that he is still owed $2,100 in unreimbursed expenses, but the former employee said, “All employees would be made whole.” AIN was unable to learn whether any of the aircraft owners were owed money as a result of the shutdown. “As bad as I feel for the owners, I cannot begin to tell you how heartbreaking it is for those who stayed and tried to make it work for those owners and each other,” said Gil Wolin, a former Wayfarer Aviation executive who is now an aviation consultant.
End of an Era As Arcadia Aviation Closes Doors
- June 2, 2011, 10:30 AM