Dickie's Seafood, a nearly 50-year-old seafood supplier based in the US city of Richmond, Virginia, has permanently shut down its operations, with its assets — including a 16,000-square-foot facility — now up for sale, reports the online news publication Richmond BizSense.

Dickie's, a provider of deviled crab and shrimp products, faced serious obstacles in recent years, including a 2020 fire that gutted its production facility, as reported by Undercurrent News. Although the facility was reopened in mid-2021 at significant expense, the timing coincided with shifting economic conditions and a rise in consumer prices that impacted demand for what CEO Frank Fay described as "luxury" food items.

"Fourteen months to rebuild is 14 months you're out of the market and off the shelf," leaving retailers to find other suppliers, Fay said.

The company also faced ongoing inflation, putting seafood at higher price points, which strained customers' budgets and further reduced demand, he added. 

Dickie's halted operations temporarily in June and began laying off employees, according to the news service.

Dickie's financial troubles were compounded by extended insurance battles that delayed crucial payouts from the 2020 fire losses, according to the article. A final insurance settlement arrived in August, four years after the fire, while the company was operating on borrowed funds to stay afloat.

Fay stated that, while difficult, the decision to close was made to pay off vendors and preserve value where possible, including selling Dickie's brand name, which is also being made available for sale.