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Stock impact report

103-year-old meat producer forced to seek bankruptcy protection [Yahoo! Finance]

Americold Realty Trust, Inc. (COLD) 
Last americold realty trust, inc. earnings: 2/20 04:10 pm Check Earnings Report
US:NYSE Investor Relations: ir.americold.com
Company Research Source: Yahoo! Finance
was the sole reason the 103-year-old company was forced to file for bankruptcy protection. CEO Paul Bardinas said the company tapped its credit line in January for $7 million as it ramped up production of corned beef, which makes up a large portion of the company's annual sales, ahead of St. Patrick's Day. “Throughout the year, we typically operate just on our cash reserves, and we're able to function week to week because we're a solvent company — and we were — until this happened,” Bardinas told FreightWaves. “We were actually looking forward to a profitable first quarter and a good St. Patrick's Day, but we did have to borrow money to build this inventory and to store it.” Family-owned Freirich Foods, headquartered in Salisbury, North Carolina, has been operating since 1921. Bardinas said he's the fourth generation involved in the company's day-to-day operations. While Bardinas declined to name the cold storage facility, Freirich Foods' Chapter 11 bankruptcy petition, filed Show less Read more
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