New England giant Blue Harvest Fisheries goes under | WEAREAQUACULTURE
The Massachusetts-based company, Blue Harvest Fisheries is shutting down its fishing operations, with either bankruptcy or re-sale prospects for the business.
Blue Harvest Fisheries launched in 2015 and grew rapidly to become one of the largest groundfish permit holders in New England. In 2023, Blue Harvest maintains 12% of the total permit quotas for Atlantic cod, haddock, and ocean perch. Unfortunately, in March, Blue Harvest declared the closure of its 160,000-square-foot seafood processing facility in New Bedford. The closure resulted in 64 staff being laid off in May. Moreover, the company sold off its 15-vessel scallop fleet and reported its plan to modernize its groundfish fleet by purchasing a new 91-foot trawler. However, things were not looking good once the major shareholder, the private equity firm Bregal Partners hauled out of the company. Blue Harvest then announced that it would be closing its doors on September 1.
The closure puts a significant, but unconfirmed, number of fishing jobs at risk. The news has also sparked dismay and uncertainty among New England’s seafood industry as a whole, many of whom rely on Blue Harvest Fisheries as either a customer, employer, or supplier.
Source: New England giant Blue Harvest Fisheries goes under
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