Portland, Maine, U.S.A.-based lobster processing company Cozy Harbor Seafood has filed for Chapter 11 bankruptcy, citing post-Covid price instability and uncertain tariff threats as obstacles to operating within workable margins.
Cozy Harbor Seafood was founded in 1980 by John Norton and Joe Donovan and sells Maine lobster products like meat and tails internationally. The company began processing lobster in 1993, and its products have received top marks in the Seafood Excellence Global awards.
In its Chapter 11 filings, Norton wrote that the company had trouble operating due to the high impact of fluctuating prices for seafood.
“In the months and years prior to the Petition Date, the Debtors diligently explored a range of options to address their ongoing challenges related to maintaining sufficient cash flow to satisfy their debt and operational obligations,” Norton wrote.
Those efforts ultimately failed, and now ...
