A group representing more than two dozen seafood companies is refusing to buy lobster, because of a dispute over a mandated pricing formula.
"It's not financially feasible for buyers to buy lobster at this price," George Joyce, executive director of the Seafood Processors of Newfoundland and Labrador, told CBC News Wednesday.
A government-appointed seafood pricing panel announced a formula this week that Joyce says would mean a second straight year of losses for companies that buy lobster from fishermen.
"Seafood processors just can't afford to buy at the prices set by the panel," Joyce said. "It didn't work last year. It won't this year."
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