Cozy Harbor Seafood files for bankruptcy protection, looks to sell business
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Diverging Reports Breakdown
Oldest lobster processing company in Maine files for bankruptcy
Cozy Harbor Seafood had been in business since 1980 and is the oldest and most experienced processor of lobster in the U.S. Cozy Harbor is a “primary processor” with its main processing plant in Portland, Maine. It also has locations in Tenants Harbor, South Bristol, and Long Island. The company anticipates its workforce to remain intact and customers will continue to enjoy Cozy Harbour Seafood products, a lawyer said in an email to The Associated Press. “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,” John Norton, president and co-founder, wrote in that email. “We aim to leave our ocean better than we found it so our children and grandchildren inherit seas teeming with life, including the sweetest, most tender lobster on the planet,” he said. “Why not process it here? Faster is fresher.”
PORTLAND, Maine — Maine’s oldest lobster processing company filed for bankruptcy Tuesday.
Cozy Harbor Seafood had been in business since 1980 and is the oldest and most experienced processor of lobster in the U.S., according to the company’s website.
A lawyer representing the company said in an email that the company initiated this process to “continue operating while it restructures its liabilities and pursues a court-supervised sale to a new owner.”
Going forward, Cozy Harbor’s processing and packing facilities on St. John Street at the Portland Fish Exchange and on Union Wharf in Portland will continue to operate, receive lobster, and whitefish deliveries from suppliers, employ staff, and fulfill customer orders.
The company anticipates its workforce to remain intact and customers will continue to enjoy Cozy Harbor Seafood products.
“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, wrote in that email. “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. 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.”
The company’s decision is best understood in the context of broader market forces that have strained the sector in recent years. Like many businesses, Cozy Harbor Seafood has had to manage many financial challenges in the years since the COVID-19 pandemic. In this environment, even well-established processors have struggled to manage sustained external pressures and market instability, the lawyer wrote.
Cozy Harbor is a “primary processor” with its main processing plant in Portland. It also has locations in Tenants Harbor, South Bristol, and Long Island.
“Maine lobster and local ground fish keep Cozy Harbor busy year-round producing the best that Maine has to offer,” the website said.
In 1980, Maine lobstermen would drive their catch down to Boston (some still do) and waited for it to be auctioned, processed and shipped, the website said. That’s when co-founder John Norton thought, “Why not process it here? Faster is fresher.”
The company is certified by Global Food Safety Initiative benchmarked audits, USDC, FDA, and other third-party auditors.
Co-founders John Norton and Joe Donovan got off the boats and started walking the wharfs by Cozy Harbor Seafood’s home in Portland, Maine, asking fishermen for their best catch, which they shipped to wholesalers around the country.
“We believe the freshest fish is the tastiest fish. That’s why Cozy Harbor Seafood still processes our lobster close to the source. Our state-of-the-art technology traps that freshness in raw frozen lobster tails and cooked lobster meat so our lobster tastes just as succulent and sweet as they did the day we netted them,” the website said. “We work in Maine. More importantly our families live in Maine. That’s why we take sustainable fishing seriously. We aim to leave our ocean better than we found it so our children and grandchildren inherit seas teeming with life, including the sweetest, most tender lobster on the planet.”
“As we’ve grown, we’ve seen some struggle. Cozy Harbor Seafood was created by lobstermen who get it. As part of our pledge to the industry, we supply our lobstermen with bait and gas and we have four landing stations where fishermen can unload. We’ve made bonds with a diverse crowd of fishermen to ensure a reliable supply of seafood to our restaurants, supermarkets and wholesalers in the United States, Canada, Asia and Europe. We have an obligation to our customers to get you the freshest fish caught in a sustainable manner by hard-working people who can make a living fishing here in Maine. We honor that.”