Candy Companies Filing For Bankruptcy
Candies Are Not Being Produced For Valentine’s Day 2019 Due To a Company Bankruptcy
No Sweethearts this Valentine’s Day!
It’s hard to imagine a Valentine’s Day without one of the holiday’s most popular candies: conversation hearts. Sweethearts, the candy hearts stamped with messages like, “I LOVE YOU,” “CALL ME,” or “LOVE BUG” will not be available this Valentine’s Day. For the first time in 153 years, the Necco company will not be selling Sweethearts Conversational hearts. Typically, the candy company turns out around 8 billion candy hearts each year, but unfortunately will be filing for bankruptcy this 2019.
A Company Struggling Despite its Vast History
Operations at the Massachusetts plant that makes Sweethearts and other candy such as Necco Wafers has shut down by the owner of the company. Necco (that stands for New England Confectionery Company) is one of the country’s oldest operating candy companies (170 years old), making candies like Mary Jane and Squirrel Nut Zippers. These candies are distributed nationwide and will be missed by the people of Nevada along with the rest of the nation.
The Company Has Been on a Gradual Decline
Many sources of competition have emerged in the 170 years since Necco began operating. Chocolates and flowers have become a more common gift for romantic interests on Valentine’s Day. Another disadvantage Necco faces is that its popular candies are seasonal to a specific holiday. It is unknown if the candy production will resume. In 2003, the company built a $130 million production plant that proved to be far larger than the company’s needs. It has been reported that The Necco brands is being sold to another manufacturer and will close the plant located in Revere, Massachusetts. At a bankruptcy auction, a company bought Necco for 17.3 million dollars. The workers did not know about the plant closure. The new owner may have thought they were getting a great deal, because the company had previously sold to investment firm American Capital in 2007 for $57 million. The company amassed more than $150 million in losses between the 2007 sale and the most recent sale. Even for a company as long-standing as the Necco company, those kinds of losses are devastating.
The Necco company officially went bankrupt last year. According to reports, the company who officially took over the Necco company, Round Hill Investments, was not able to make Sweethearts available for Valentine’s Day 2019. There were too many obstacles in the way of achieving mass production long before the February 14th deadline. The company was previously able to bring back food brands from the brink of death like Hostess Twinkies, Pabst Blue Ribbon beer, and Chef Boyardee canned foods. Not only is the company struggling with debt, but there are rumors of a vermin infestation in the company’s headquarters. The company does plan, however, to make a comeback next year with the Sweethearts. Loyal customers of the company must be patient- as for now, no sweethearts for this year.
Don’t Let this Valentine’s Day be a Downer
Learn How You Personally Can Benefit from Filing Bankruptcy.
A lack of sweethearts may put a damper on your Valentine’s day. If you are struggling with debt, your Valentine’s Day might turn out downright sour. If you are struggling with your debt in 2019 as well, contact our Las Vegas bankruptcy office for a free debt evaluation. Our debt relief experts can not only advise you as to the many debt relief choices available to you, we can also explain how to financially get your life back on track. Bankruptcy offers many protections and helps millions of Americans resolve their debts much faster than they could on their own, if it was possible at all.
A free consultation is your opportunity to learn how to utilize bankruptcy to its maximum potential, figure out which Chapters of Bankruptcy you qualify for, and start the process of filing your petition. Learn about our bet relief options that we offer to people in Las Vegas, Clark County, Nevada. Our debt relief options include: Zero Down Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Debt Settlement, and Bankruptcy by Phone. Our consultations are offered at no cost to you, so call for your appointment today!
The Law Office of Erik Severino
Vegas Bankruptcy Lawyers
7251 W Lake Mead Blvd
Las Vegas, NV 89128
Phone : (702) 879-9262
Email: [email protected]
Website: https://lasvegasbankruptcylawyer.co/
