One of the oldest and largest seafood vendors in New York, M. Slavin & Sons, filed for Chapter 11 bankruptcy protection on Monday.
Founded in the early 1900s, the family-run business, which is based in the Bronx, 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.
According the filing, the company lost a lot of business in 2009 and 2010. It cut payroll by almost 50% during that time to lower its expenses and also shut down unprofitable lines of business. There are currently 105 employees.
Its liabilities include a $5.4 million debt to Capital One and an $11 million debt to the Hunts Point Cooperative Market.
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