Topps Meat Going Out of Business

O noes...less competition in the frozen hamburger market!

Quote:

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Topps Meat Shutting Down After Recall
Friday October 5, 11:35 am ET

Topps Meat Will Go Out of Business Following 2nd-Largest Beef Recall in U.S. History

ELIZABETH, N.J. (AP) -- Topps Meat Co. LLC, the meat company responsible for the second-largest beef recall in U.S. history, said Friday it will close its plant in Elizabeth, N.J., and go out of business, effective immediately.

Topps on Sept. 25 began a recall of its frozen hamburger meat that was expanded to comprise 21.7 million pounds of the meat, which may be contaminated with E. coli after federal inspectors discovered inadequate safety measures at its plant.

Investigators think 30 people may have been sickened in Indiana and seven other states.

In a statement, Chief Operating Officer Anthony D'Urso said called the events "tragic."

"In one week we have gone from the largest U.S. manufacturer of frozen hamburgers to a company that cannot overcome the economic reality of a recall this large," he said.

A "small number" of the 87 plant employees will remain at the plant to assist the U.S. Department of Agriculture with its investigation into the meat recall and handle administrative matters.

Topps Meat was founded in 1940.

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I can't believe this is forcing them out of business! I remember always having TOPPS hamburgers in my house as a kid. Wouldn't surprise me if they are simply declaring Chap 7 to avoid the coming lawsuits. They probably don't have too many assets to begin with so what a better way of avoiding huge payouts by closing up shop. I'd make a bet that a "new" frozen meat distributor will be opening soon by the same owners...

WOW! That is a BIG blow. Amazing. I did not think that that was somthing that could knock them out of the box. I was sure it would do some damage but this much?

Yup, we had Topps all the time at my house.

They are most likely declaring bankruptcy to avoid lawsuits, and so that they can either be bought out, or re-appear under a different name...

Think about it, after this recall, how many people are going to be reaching for Topps, when they can get a similar product for a similar price? But if Topps re-appears under a different name, or is bought out by a larger company most people after a few months won't notice.... Save Topps millions of dollars and is a smart move...

Kind of similar to Firestone after all those tires were blowing left and right, and Bridgestone ended up buying them out....

Or ValuJet...

Or NYC Bureau of Child Services...