Zacky Farms owners decide to not buy back company
FRESNO, Calif. (KFSN) -- The family which created Zacky Farms is now backing off its plan to try and save the poultry producer from bankruptcy.
The Zacky Family said they will not purchase Fresno-based business in an upcoming bankruptcy auction.
The family trust provided a $71 million loan which kept the poultry processor afloat after its October bankruptcy filing.
Last week the trust submitted the winning bid to buy the company, however, Zacky will ask the court to go with the backup bid instead, the Pitman Family Farms of Sanger, which pledged up to $32 million to purchase the company's assets.
Pitman does not plan to rehire Zacky's 1500 workers in operations in Fresno, Tulare, Kings, San Joaquin and Los Angeles counties, according to its bid.
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