A major lobster processor and one that touts itself as the oldest and most experienced in the U.S. filed for Chapter 11 bankruptcy this week.
Cozy Harbor Seafood is based in Portland, Maine, and has expanded to several locations throughout its decades in business, ultimately growing to become “the oldest and most experienced processor of lobster in the U.S.” since it began its operations in 1980, according to the company’s website.
The global brand is one of the largest processors of lobster tails and lobster meat in the U.S., but it also distributes a variety of other fresh fish year-round, such as cod, flounder, haddock, hake, monk, pollock, scallops and sole. In 2017, it won two top prizes for its retail products at the Seafood Excellence Global Awards.
Cozy Harbor Seafood and its companies, Art’s Lobster Co., Inc. and Casco Bay Lobster, voluntarily filed for bankruptcy on Tuesday, with those representing the company hoping a new buyer will be hooked on continuing the strong tradition of supplying grocery store chains across the country and overseas.
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Though the actual bankruptcy filing has yet to be made public, a lawyer representing the company told local NBC affiliate News Center Maine that the company initiated this process to “continue operating while it restructures its liabilities and pursues a court-supervised sale to a new owner.”
The statement also explained that Cozy Harbor Seafood’s facilities will continue to operate as usual, with no expected disruptions to lobster and whitefish deliveries, its employees, or customer orders.
“For more than 45 years, Cozy Harbor Seafood has been a leader in sharing Maine’s iconic lobster catch with the world, while being a reliable partner for our local fishermen and working waterfronts,” John Norton, president and co-founder of Cozy Harbor Seafood, told the outlet. “Despite the many challenges we’ve faced over the last 45 years, our business is woven into the social, cultural and economic fabric of Maine—and that is worth saving, which is why we have made this difficult, yet important decision.”
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“Chapter 11 is a proven process that will help us to continue doing what we do best—processing, packing and selling premium-quality seafood—while we position the company for long-term success, potentially under a new owner,” Norton concluded.
In a separate press release, Cozy Harbor Seafood said it has faced “many financial challenges in the years since the Covid-19 pandemic” and that “in this environment, even well-established processors have struggled to manage sustained external pressures and market instability.” A point proven not to be exclusive to the lobster company, as Del Monte Foods recently shared its own bankruptcy news, as did craft spirits maker Boston Harbor Distillery, restaurant chains Bertucci’s and Hooters, and WeightWatchers.
Domestically, Cozy Harbor Seafood products can be found at major supermarket chains, including Hannaford, Wegmans, Stop & Shop, Giant, Giant Eagle and HEB. It also sells to wholesalers, importers, and distributors. Globally, Cozy Harbor Seafood products are stocked at AEON stores in Japan, NTUC FairPrice stores in Singapore, city’super stores in Hong King and Sushi Express restaurants in Taiwan. Its products are also sold at select Morrisons, Waitrose and ASDA stores in Ireland and the United Kingdom.
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