NECCO seeking buyer, facing major layoffs
Massachusetts-based company could lay off 395 employees if the company is not sold by May 6.
March 28, 2018
Revere, Mass.-based New England Confectionery Co. (NECCO) faces laying off nearly 400 employees if it doesn’t find a buyer.
The Boston Globe, the Shelby Report and other sources reported NECCO CEO Michael McGee told Massachusetts and Revere officials in a March 6 letter that the 171-year-old company has been in negotiations with potential buyers so that operations may continue.
However, there is no guarantee of a sale, and if one doesn’t come to fruition within 60 days of the letter, NECCO could have to lay off 395 employees. The Boston Globe reported the layoffs could affect cooks, hard candy makers, truck operators, machine operators and attendants, and administrative positions.
“We deeply regret and understand the uncertainty this action may cause our valued employees,” McGee reportedly wrote in the letter.
In 2017, NECCO sold its 810,000-square-foot building in Revere to Atlantic Management and VMD Cos. for almost $55 million. McGee came on as ceo in 2014, succeeding Al Gulachenski.
NECCO’s brands include NECCO wafers, Clark bar, Haviland Thin Mints, Mary Jane and Sweethearts, among others.