Swanson’s Fish Market: 2021 Profit Updates
Swanson’s Fish Market has been serving Fairfield residents since 1973. Gary Swanson Jr. is the current owner of the store. He had the business from his father, Gary Swanson Jr. who established it shortly after he arrived from Sweden. Swanson’s Fish Market had a loyal customer base and a stellar reputation for most of its existence. It was considered a permanent fixture in Fairfield. Nature had other plans. In 2009, an attic fire destroyed Swanson’s brick-and-mortar store. After nearly 40 years of business, Swanson was forced to close. Gary Swanson Jr. tried to salvage the family business.
Gary Swanson Jr. accumulated nearly $1 million of debt in an effort to repair the building and reopen the market. Swanson’s Fish Market was in danger of closing permanently due to rising debts and familial tensions.
The Swanson Family turned towards The Profit to save Fairfield’s beloved Fairfield family.
Profit of Swanson’s Fish Market
The Profit Season 2 Episode 11
Marcus’s first visit to Swanson’s Fish Market was a memorable one. The location was ideal, and there was plenty of foot traffic. Their fish was of the highest quality. The company had many advantages. However, it was losing money in key areas. For example, they were selling out of some of the most sought-after products. This was costing them money. Even loyal customers will leave if you run out of stock. Marcus discovered that employees were behind in their paychecks and that the company was spending more money than it received to keep the business afloat. Employees often used personal funds to buy inventory for the store.
Gary complimented Marcus on the beautiful building and prime location when they met. Gary told Marcus that he was actually the owner of the building. He pointed out that the mortgage on his building was only just shy of 4000 dollars. Gary rented out space in the building to two other businesses and charged rent far more than the mortgage payment. Gary should have found a profitable job in this position, but Gary mismanaged the money and was unable to pay the bank on his due date.
Gary explained to Marcus that Swanson’s Fish Market earned approximately $150,000 per month from sales of prepared and fresh foods and that the company should be making a profit of about $50,000 per month. Marcus was confused as to why the company was still in trouble. Marcus was able to hear the other side of the story when he spoke with his family. Marcus saw debt everywhere he looked. Gary couldn’t keep up to date with vendor bills. He confessed to using his deposit money to pay for personal bills. Susan paid company money for her car. Cash management was poor in every area of the business. The company was losing cash every month, thousands upon thousand, through financial incompetence.
Marcus set to work on a plan to help the Swansons’ family business recover from its ashes. He offered Gary $1million to purchase their building. The family would be able to purchase 100% of the company, giving them enough money to pay off their debts as well as working capital. The $1 million would be put into an escrow account and Gary would have to consult attorneys before signing the check. All the cash that Gary had freed up would be used to pay bills and debts first before he could access capital.
Marcus offered several suggestions to Gary regarding how Swanson’s Fish Market could be run better, as well as ways that the family could increase their profits. As it would bring the business tremendous benefits, he suggested that there be more prepared foods. It is easy for customers and doubles the profit margin of fresh fish. This suggestion was also confirmed by a quick chat with customers. He suggested that Swanson’s prepared food to be enjoyed by loyal customers and encouraged Gary to open another restaurant in an area of the building.
Marcus donated new equipment to Swanson’s Fish Market, including refrigerators and produce sections. He also provided samples of the prepared food menu to customers. It seemed like everything was on the right track to success.
Unfortunately, Swanson’s luck ended there. Marcus returned to the store the next day to check on the company’s progress and got into a heated argument with Susan about finances. Marcus had an argument with Susan over finances, which led him to examine the records of the building. He discovered that it was inactive foreclosure. Surprised by no one, he retracted the deal immediately.
Swanson’s Fish Market goes belly up after the profit
Larissa, Gary’s daughter, posted a tirade about the TV show on the company’s website after the show. Marcus and the show were accused by the family of deliberately making the business look bad. In her rant, she included a screenshot of text messages between Marcus and her in which she told him about the foreclosure. Marcus allegedly found out about the incident in the show. This website no longer exists.
According to reports, Swanson’s Fish Market retained Marcus’ equipment. They continued to sell fresh fish and prepared food, even though they were no longer in business. They continued to operate a successful business despite not having Marcus’s full restaurant or the larger aspects of Marcus’s deal.
Swanson’s Fish Market, which has been in business for 45 years, closed its doors on New Year’s Eve 2018. Gary stated that he decided to retire from the company. It is now being replaced by a local deli.
Fairfield’s Swanson’s Fish Market will close after 40 years
FAIRFIELD — Swanson’s Fish Market, a family-owned fish market in Fairfield has been selling fresh seafood for more than 40 years.
After nearly 45 years, Gary Swanson and his family have decided to close the Fairfield-based fish marketplace at 2439 Black Rock Turnpike in Fairfield on New Year’s Eve.
Swanson’s daughter Larrissa said that the store has become a landmark in Fairfield. She has been helping with daily operations.
After he arrived from Sweden, Swanson’s father Gerard “Gerry” Swanson started the Fairfield business in 1973.
Before the family moved down the street, the original location was located near the former Angus Steakhouse.
Gerry Swanson, a 23-year leader, opened four additional stores in Bridgeport and Monroe, Orange, Hamden, and Orange. After managing the markets for more than two decades, he retired to sell the properties and markets.
Gary Swanson, who was raised in the shop alongside his father, purchased the Fairfield location. He ran it with Susan and his daughter.
After an attic fire that nearly destroyed the building, the market was closed in 2009. It was reopened in 2010 after being repaired.
Gary Swanson managed the market for seven more years before deciding that he wanted to pursue other ventures. According to Larissa Swanson’s official Facebook post, Swanson announced the planned closure just days before Gerry Swanson, who died at the age of 79.
Beverly Balaz, Fairfield Chamber of Commerce president, stated that it is always sad to see Fairfield businesses close. “They knew everyone by name, and over the years, families had children. They knew their names.
Balaz says the market is a fixture in Fairfield because the Swansons and their staff have tried to provide excellent customer service while connecting with customers who visit their shops.
Larissa Swanson stated that everyone she spoke to had a fond childhood memory of the place. People say they have wonderful memories of Swanson’s and going in for holidays. Everyone has a memory of that place, and you can see it driving up the Black Rock Turnpike.
Swanson’s memories include growing up in the fish markets with Lynette and playing with the lobsters when the shop closed.
That was our little playground
She said, “We would just go in there.” She said, “That was our little playground.”
She stated that customers were upset at the loss of a historic market that had provided generations of customers with fresh seafood, prepared meals, and soups.
Gail Wolff said, “I have lived in Fairfield 27 years, 28 years, and I’ve come here probably a dozen times per year. They always have what you want and it’s a wonderful experience.” “The people are very knowledgeable. They sell fresh fish and other stores I pass on my way to Westport are twice as expensive.”
The market will be replaced by a deli.
Disclaimer: This article contains only informational information. Updatedideas.com has no affiliation with Swanson’s Fish Market.
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