That Mysterious New Jersey Deli Once Owned by a Publicly Traded Company Is Closed, Regulatory Filing Shows

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The small, money-losing New Jersey deli that was once the sole asset of a publicly traded company with a bizarre market capitalization of $100 million has been sold and closed.

Online, the restaurant is listed as"permanently closed."

Hometown International was previously headed by Paul Morina, a Paulsboro high school principal and wrestling coach in Paulsboro. The company drew widespread public attention in April 2021 when the hedge fund manager David Einhorn in a client letter noted the disparity between the deli's decidedly modest sales and Hometown's sky-high stock market valuation.Makamer Holdings said it is now focused on making biodegradable resins to replace existing petroleum-based plastics.

For the three months ended June 30, the company reported a net loss of $9 million, which it attributed to the closing of the deli and the transition to bioplastics. was a sale of 300 shares for $9 per share on July 22. The company has a market capitalization of $327 million at that share price.

 

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