The assets of Elizabeth, N.J.- based Topps Meat Co. were auctioned off in federal bankruptcy court Tuesday for $1.25 million, a sale that could leave its Buffalo ownership empty-handed.
All but $107,500 of the proceeds will go to RBS Citizens Bank of Philadelphia, a secured creditor which is owned $14.5 million. Strategic Investments finds itself in a secondary position among some 5,000 businesses and individuals with claims against Topps.
Representatives of the Buffalo private equity firm, which has owned Topps since 2003, did not return calls Wednesday regarding the bankruptcy auction.
Catherine E. Youngman, the court-appointed trustee for Topps, said Strategic Investments could eventually see some compensation from the unallocated proceeds or litigation against the meat company’s insurance carriers.
“There are claims that will be pursued to generate funds for the creditors,” Youngman told the Associated Press.
Read the full Buffalo News story here.
Latest from Quality Assurance & Food Safety
- USDA Indefinitely Delays Salmonella Testing Program for Raw Breaded Stuffed Chicken
- American Soybean Association Names New Industry Relations Leadership
- Babybel Transitions From Cellophane to Paper Packaging
- Ambriola Company Recalls Cheese Products Due to Listeria Risk
- Horizon Family Brands Acquires Maple Hill Creamery
- Kellanova Shares Top Five Consumer Packaged Goods Tech Trends Shaping 2026
- Stay Ahead of Supply Chain Pressure
- Brendan Niemira Named IFT Chief Science and Technology Officer
