Major Iowa pork producer JWV Pork, 2504 Quince Ave., Washington, Iowa, has laid off 65 employees and closed its operations Jan. 1, following months of financial distress when it defaulted on loans totaling $38.8 million. The layoffs were recorded in the statewide collection of Worker Adjustment and Retraining Notifications (WARN) Act notices published by Iowa […]
Major Iowa pork producer
JWV Pork, 2504 Quince Ave., Washington, Iowa, has laid off 65 employees and closed its operations Jan. 1, following months of financial distress when it defaulted on loans totaling $38.8 million. The layoffs were recorded in the statewide collection of Worker Adjustment and Retraining Notifications (WARN) Act notices published by Iowa Workforce Development.
In September 2023, the company’s lender, Farm Credit Services of America PCA and FLCA, declared the pork producer’s loans to be in default when the company failed to make payments on time, consequently pursuing litigation in the Iowa District Court for Linn County.
The court approved the lender’s request to appoint Focus Management Group as a receiver to protect the pork producer’s collateral during court processes.
“Borrower’s liquidity is rapidly dwindling, and is projected to imminently fall below critical operational levels. Time is of the essence,” said a court document in September, urging the court to expedite appointment of a receiver.
In October, Focus Management Group initiated a 90-day plan to convert JWV Pork’s assets into cash. According to court documents, JWV Pork’s assets include hedge accounts, equipment, farm products, inventory and goods, construction equipment, semi and grain trailers and real estate.
JWV Pork was established in 1980 by Jerome and
Heidi Vittetoe and employed more than 80 people, according to its website, contracting with 50 growers throughout southeast Iowa to produce over 250,000 pigs per year. The company is listed as a major employer in Washington County,
according to the county’s website.
It’s predicted that the closure will have a significant impact on the town of 7,000 people. The pork producer was known for its contributions to local events, food donations, and volunteer work.
Ms. Vittetoe, co-owner of the company, declined to comment on the issue.
