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Not The Sweetest Of News: Necco Shuts Down Factory

Not The Sweetest Of News: Necco Shuts Down Factory

Necco, or the New England Confectionery Company, was the oldest continuously running candy company in America — until this week.

What Happened

On Tuesday, the famous candy company closed its Revere, Massachusetts factory.

The company was owned by Round Hill Investments LLC, which acquired it for $17.3 million out of bankruptcy just a few months ago.

"We are disappointed that Round Hill could not follow through on the enthusiasm it expressed when it acquired Necco barely two months ago," said Revere Mayor Brian Arrigo, according to CNN.

Why It’s Important

Established in 1847, the company was known for their products like Necco Wafers, Sweethearts, Mary Janes and Clark Bars.

In 2018, conducted a study revealing that Sweethearts were the most popular Valentine’s Day candy of the year, with sales accounting for 10.2 percent of all candy purchased for the holiday.

What’s Next

The factory employed 230 people who were given no information aside from final paycheck arrangements.

The company was purchased by an unnamed buyer; there were no updates at the time of writing as to whether they will continue to produce popular Necco candies.

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Posted-In: cnn NeccoMedia General Best of Benzinga


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