Hampton’s popular Kredl’s market stays open for now

A decades old and well known market in Hampton, N.B. has avoided bankruptcy, at least for now.

David Wolpin, owner of Kredl’s Corner Market, was in court Friday where a judge adjourned a bankruptcy hearing for thirty days in the hope something could be done to avoid the popular establishment from closing its doors and impacting 70 jobs.

Insolvency trustee Robert Powell told reporters Kredl’s largest creditor, Farm Credit Canada, was owed $1.9 million but was willing to take $1 million. Several other creditors are also involved.

FCC lawyer Josh McElman told the court a number of proposed deals had been put forth in an effort to resolve the matter but none ever made it “to the finish line.”

Justice Darrel Stephenson even said it appeared Wolpin was “putting off the inevitable.”

Wolpin is relieved to have some extra time but admitted FCC is within its right to immediately appoint a receiver and seize the property, which would close the business. However, there is no immediate indication currently that FCC will take this step.

“We are hoping they will work with us in positive resolutions, positive discussions to resolve this preventable loss of 70 jobs in Hampton just before Christmas and a long standing outlet for local farmers,” Wolpin said.

In the end, the hearing was adjourned until Jan. 17th.

Supporters say providing local producers somewhere to sell their product is one of the important aspects of the market.

Kredl’s first opened in 1980.