One of New York’s oldest and largest seafood vendors, M. Slavin & Sons, filed for Chapter 11 bankruptcy protection on Monday, according to crainsnewyork.com.
The website 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.
Founded in the early 1900s, the family-run company carries an extensive line of seafood and has more than 1,000 customers in New York, New Jersey and Connecticut, according to crainsnewyork.com. M. Slavin & Sons is based in the Bronx and 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 to the company’s website.
According to the filing, the company lost a lot of business in 2009 and 2010 and cut payroll by almost 50 percent to reduce its expenses. It is close to reaching a deal with a finance company for an USD 800,000 loan to be used as working capital, allowing it to continue purchasing inventory and making deliveries, reported crainsnewyork.com
