HAMILTON COUNTY, Iowa — A Webster City company that operates multiple fisheries in Iowa is filing for bankruptcy and shutting down two of its facilities in the state amid accusations of corporate waste and misspending.
VeroBlue Farms, at one point, produced 15,000 pounds of fish per week at its facilities in former Electrolux buildings.
Last week it filed for bankruptcy, citing $98 million in unsecured debt.
A facility in Blairsburg is already shut down, another in the town of Buckeye is reportedly closing next.
Among the company’s debtors are Webster City and Hardin and Hamilton counties.
We visited the Blairsburg facility back in 2014, shortly after the Iowa-based company was bought by VeroBlue, which is a Canadian company.
Its shareholders are taking five executives to court, alleging in a lawsuit they misappropriated millions of dollars.
VeroBlue laid off 24 employees last month.