Hall Spars scales back after company sale falls through

Just 10 of 52 employees are at work in Bristol as a new deal is sought

EastBayRI.com ·

Hall Spars & Rigging has scaled back operations at its U.S. headquarters in Bristol after a planned sale of the company fell through.

The deal to sell the company, which also has branches in New Zealand and Holland, fell apart when the buyer walked away before the deal closed, according to President and CEO Tom Rossi, who said Monday he was brought in six months ago to try to fix the company’s finances.

“The company was in severe financial straits. I’ve been trying for six months to get a deal done,” Mr. Rossi said Monday. “We’re recapitalizing the company, trying to keep the doors open.”

In the meantime, the marine manufacturing company has cut production to “very limited design” work at the Bristol facility on Broadcommon Road, Mr. Rossi said. Just 10 of the company’s 52 employees in town were working Monday afternoon.

“We have people who have been here for 20 or 30 years, and they’re not at work today,” Mr. Rossi said. “The buyer just pulled out. It’s frustrating.”

Mr. Rossi said the company hasn’t given up and is in negotiations with two other potential buyers, at least one of which looks promising, he said. He hopes to secure a deal within the next couple days to keep the Bristol facility operational. The branches in New Zealand and Holland remain at full capacity, he said.

Hall Spars & Rigging
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