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PAFCO clarifies reduced operations and Bumble Bee’s bankruptcy

November 26, 2019 5:01 pm

PAFCO’s Chair Ikbal Jannif

The Pacific Fishing Company has today clarified that operations in Levuka have been reduced to a four-day working week with the challenge of albacore tuna supply affecting operations.

PAFCO’s Chair Ikbal Jannif says there is a worldwide shortage of albacore tuna which has seen their supply go from 23 thousand metric tons down to only 16 point five thousand metric tons this year.

As a result, PAFCO’s 600 full-time staff have over the last two months been earning only eighty percent of what they would normally take home because of the reduced working week.

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In addition, Jannif says this week, Bumble Bee confirmed that they have filed for bankruptcy in the United States.

As PAFCO’s biggest buyer, Jannif says any effects on their business dealings here were quickly dispelled with Taiwan based Fong Chun Formosa Fishing Company, commonly known as FCF agreeing to buy out Bumble Bee Foods for a reported 925 million USD.