Former Mariner Seafood CEO Jack Flynn is now the northeast director for sales and distribution at Cooke-owned True North Seafood Company, according to his LinkedIn profile.
Flynn made the move as part of an agreement in True North's acquisition of the bankrupt New Bedford-based Mariner Seafood in October.
Flynn negotiated continued employment with Cooke following the sale of the company at an annual salary of $300,000 (€255,000) in 2020, thereafter reduced to $250,000 (€212,457) plus “certain bonuses” in undisclosed amounts, according to bankruptcy documents.
Officials at Cooke declined to comment on Flynn's appointment.
Founded in 1988 by Flynn, Mariner saw decades of expansion up to 2015, according to the company's bankruptcy filing. By 2015, Mariner had annual revenue of approximately $38.5 million (€32.5 million) and its contract workforce of approximately 120 personnel.
But in June of 2017, meal home delivery service Blue Apron, which was one of Mariner's significant customers, went public on the New York Stock Exchange, and stopped purchasing from Mariner. As a result, Mariner was forced to consolidate its operations and let go of employees to make up for the lost revenue, according to the court filing.
From there, the company continued to experience contract challenges. From March to May, the company reported its sales falling around 35 percent, forcing more layoffs and the company's eventual sale to Cooke.
