NEW YORK (February 15, 2011)—One of the oldest and largest seafood vendors in New York, M. Slavin & Sons, filed for Chapter 11 bankruptcy protection on Monday.
Crainsnewyork.com reported that M. Slavin & Sons’ liabilities include a USD 5.4 million debt to Capital One and an USD 11 million debt to the Hunts Point Cooperative Market. Its assets include approximately USD 400,000 in cash and receivables totaling more than USD 3.1 million and inventory of about USD 600,000.
Its liabilities include a $5.4 million debt to Capital One and an $11 million debt to the Hunts Point Cooperative Market.
Its assets include approximately, $400,000 in cash and receivables totaling more than $3.1 million and inventory of about $600,000. The company also owns 13 lots of property in Brooklyn and Queens. There are currently 105 employees.
Founded in the early 1900s, the family-run company also operates a processing facility in Point Judith, R.I. It delivers seafood, including whole fish, fillets, live shellfish and breaded, smoked, canned or frozen products, to more than 1,000 customers in the tri-state area. Based in the Bronx, M. Slavin & Sons operates a wholesale operation in New York’s Fulton Fish Market, processing plants in Brooklyn, N.Y., and Point Judith, R.I., and distribution facilities Virginia, Florida and Puerto Rico.
According the filing, the company lost a lot of business in 2009 and 2010 and cut payroll by nearly half to lower its expenses. While they also shut down unprofitable lines of business during that time, M. Slavin & Sons was perhaps hurt by the diversity of its offerings.
The company is close to reaching a deal with a finance company for an USD 800,000 loan to be used as working capital, allowing M. Slavin & Sons to continue purchasing inventory and making deliveries, reported crainsnewyork.com