Big Massachusetts Food Company Shuts Down, Over 60 Employees Without Jobs
It seems like businesses in Massachusetts are shutting down and/or are filing for Chapter 11 at an alarming rate. Taking a look at the retail industry, for example, in August Christmas Tree Shops shut down its remaining New England stores, Bed Bath Beyond went under as well and it was recently reported that CVS Health will be cutting over 100 jobs in Massachusetts (Boston and Wellesley) as well as other New England states due to restructuring, cutting back on expenses, and reprioritizing the company's investments. In addition, Rite Aid is in the midst of filing for Chapter 11 due to debt issues and protection against lawsuits charging that it illegally filled hundreds of thousands of opioid prescriptions.
Another Massachusetts Company Recently Closed Its Doors Leaving Over 60 Employees Without Jobs
New Bedford-based food company Blue Harvest Fishers quietly shut down all fishing operations on Sept. 1. The U.S. Sun reports a total of 64 employees were laid off after the plant on the New Bedford waterfront closed. In addition, staff and fishermen (independent contractors) have been left without much information and support other than they have been let go. At this point, the employees have been left without severance pay as well.
According to The New Bedford Light, the company recently filed for Chapter 7 which means that unlike Chapter 11 bankruptcy, which grants the company a chance to restructure, a Chapter 7 bankruptcy is a closure and usually means a liquidation of all the company’s assets in order to pay back debts. If the assets don’t cover the debts, the company can essentially walk out on the tab.
Blue Harvest Fisheries hasn't made the closure or filing public and there hasn't been any information about the shutdown on the company's Facebook page.
You can check out the complete story about this recent shutdown by going here.