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5 lessons learned from the closing of a historic candy company

Shutterstock_1067246603NECCO Wafers are one of America’s most historic candies. Union soldiers carried them in the Civil War. Arctic explorer Donald MacMillan stocked them on his voyage to northern Greenland in 1913. The United States Army issued them to GIs in World War II. Generations of kids begged their parents for them at gas stations and checkout lines across the country.

After 170 years of operation, in May 2018, the bankruptcy court auctioned off the New England Confectionery Company’s (NECCO) assets. Round Hill Investments, of Greenwich, Conn., agreed to buy NECCO for $17.3 million. Though, just this week on July 24, 2018 and according to the Boston Globe, Round Hill abruptly shut down its operations and closed the doors at the Revere, Mass., candy factory. The company stated it had sold NECCO to another candy manufacturer but didn’t disclose the details. How could a company that survived catastrophic fires, wars, recessions, the Great Depression and so many other trials fail in today’s environment?

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