The Plitt Co. on Tuesday was purchased by four executives of the company's management team.
North Elston Seafood Partners LLC — which consists of Joe Rossi, John Livaditis, Tim Lathrop and Gus Atsalis — successfully bid for the Chicago seafood distributor's assets in an auction.
The company's assets were temporarily held by a receiver, Michael Eber, appointed by the Cook County Circuit Court after American Chartered Bank placed Plitt Co. into receivership in late May. The bank accused the company, former CEO Bob Sullivan Jr. and former CFO Steven Wegh of fraud and misappropriating funds.
The auction was originally scheduled for late October but delayed after a few creditors tried to force the company into Chapter 7 bankruptcy.
"The events leading up to the receivership were a challenge for our entire team, but we are emerging from the situation smarter and stronger than ever before," said Joe Rossi, CFO of North Elston Seafood Partners.
"With the smart restructuring of our operations and careful attention to our financial performance, Plitt is now positioned to succeed," he added. "We have the kept the right team in place and have a sound fiscal strategy."
"We believe in the talented team that remains in place here," said Tim Lathrop, the company's president. "We've worked toward new pricing strategies which will benefit our customers. We've also reorganized both our inside and outside sales staff for more efficient service."
Plitt will continue to operate under its current name. The company has 100 employees and a seven-state distribution reach in the Midwest.
November 17, 2009
