Peter Pan Seafood's efforts to reach a joint venture agreement with rival Silver Bay Seafoods have fallen apart, after talks stalled last week, Peter Pan President and Chief Growth Officer Rodger May confirmed with IntraFish.

"It is what it is," he said, adding that "it would’ve been the best year in history" to pursue the joint venture "because the industry as a whole is struggling."

Another source close to the deal confirmed to IntraFish that talks on both sides are off.