Bankruptcy protection sought by seafood firm
Seattle Times business reporter
Coast to Coast Seafood of Kirkland, one of the nation's largest seafood distributors, has filed for Chapter 11 bankruptcy protection.
The company, which has about $100 million in annual sales, listed more than $10 million in assets and more than $10 million in debt to more than 200 creditors, according to papers filed Friday in U.S. Bankruptcy Court in Seattle.
By filing for Chapter 11, a company is protected from creditors' claims while it tries to reorganize its finances under a court-approved plan.
Company President Stuart Kozloff declined to comment yesterday.
But word spread quickly in the seafood industry, which hasn't seen a bankruptcy filing this big recently, said Pete Cannon, president of Cannon Fish in Seattle, which has done business with Coast to Coast for several years.
The seafood industry has been hurt over the past year by declining commodity prices. It took another hit after the Sept. 11 terrorist attacks, Cannon said, because fewer people were going to restaurants and resorts.
Coast to Coast has about 30 employees and is run by Kozloff and his brother, Benett, the chief executive. It was founded by their father, the late Harold Kozloff.
Bill Kossen can be reached at 206-464-2331 or at firstname.lastname@example.org.