SEATTLE — Seafood processor Great Pacific Seafoods has ceased operations and filed for bankruptcy.
The Seattle Times reports that president Daniel DeMatteis said in a statement Sunday that there was no other option after the company’s performance last year.
Officials say the Seattle-based company, which operates three processing plants in Alaska, will liquidate under Chapter 7 of the Bankruptcy Code.
Great Pacific’s revenues from $26.5 million in 2014 to $21.2 million last year. According to bankruptcy papers filed Sunday, the company had assets of $12.4 million and liabilities of $12.3 million.
Officials attributed the drop in revenue to the drop in the price of roe and the increase in the minimum wage in Alaska.
Great Pacific employed approximately 300 people in Alaska during the peak of fishing season.
