Last updated on June 13th, 2024
Revere, Massachusetts-based New England Confectionery Co., or NECCO, reportedly is facing a bankruptcy auction on May 23.
The Boston Globe reported that Boston liquidator Gordon Brothers plans to commit to operate the company through November if it has the winning bid at auction.
To qualify, cash bids must be at least $13.9 million and be filed by May 18.
Gordon Brothers, specializing in acquiring distressed companies, is working on the closing of Toys “R” Us as well as other projects. On its website, Gordon Brothers says the company has helped lenders, operating companies, advisors and investors move forward through change “by delivering the combined power of expertise and capital.”
Meanwhile, a GoFundMe page (gofundme.com/we-need-to-save-necco-wafers) has been created to try to save NECCO.
Al Gulachenski, who served as CEO from 2011-15, is willing to buy the company. He reportedly will need $30 million to make the deal; $5 million-$10 million of his own money, the remaining $20 million from the GoFundMe page. As of May 4, $4,355 had been donated by 106 people in 22 days toward the goal.
NECCO is known for its Necco Wafers and Sweetheart Valentine’s Day candy hearts. The company has been manufacturing candy in the Boston area since 1847, making it the oldest candy company in North America. Its other brands include Skybar, Clark, Mary Jane and Mighty Malts.
