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James Hook Selling Lobster Biz

3/20/2009 04:39:00 AM
It's a sad day in Mudville. It looks like the family that own's James Hook (the lobster biz) is looking to sell. Following the devastating fire that took place during the summer (here), they rebuilt temporarily, but the permanent solution may be to sell to someone else.

The family is putting the site up for sale and awaiting responses from developers who were asked to propose scenarios that incorporate the historic wholesale and retail seafood business into a new building.

Jimmy estimated it would have cost the Hooks between $2 million and $3 million to rebuild the original retail and wholesale operation. Without another generation to run the business, Jimmy said it didn’t make sense for the siblings to make a large investment. Instead, the five siblings envision a new building that will incorporate the family business and perhaps a restaurant.

Without a future generation to work the biz, it makes sense to sell. I'm assuming they had some sort of insurance payoff and instead of putting that back into the rebuilding, they'd rather just sell and cash out. With the state of the economy the way it is, it's probably a good idea. Lobster is a luxury that (most likely) fewer and fewer folks are going to be able to afford.

PS. Thanks to the reader who sent the article to me. I couldn't figure out your name, and didn't want to disclose your email address, but you know who you are. Thanks!

Click (here) for the article.

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