The New Jersey deli that was the only asset of a publicly traded company worth over $100 million has shut down, according to a regulatory filing.
A New Jersey deli that sells cheesesteaks for $8.25 has shut its doors.
CNBC reported on the fact that the sole location of Your Hometown Deli in the Philadelphia suburb of Paulsboro, New Jersey, closed on June 30th.
The public company, formerly known as Hometown International, shot to a valuation of over $100 million last year despite its eponymous deli pulling in about $13,000 in annual sales.
After a merger between the deli and the bioplastics maker Makamer in April, the company is now known as Makamer.
Makamer sold off the deli's remaining inventory for $700 on July 1st and then sold its deli subsidiary for $15,000 on August 9th.
A call to the phone number listed for the deli returned an error message, and Makamer's investor relations phone number went straight to voicemail.
A small town sandwich shop adorned with metal folding chairs and $8.25 cheesesteaks became the surprise subject of intense interest in April 2021, due to its parent company's soaring stock price despite unusual financials, and experts claimed there was evidence of stock manipulation. The CEO of the company was fired in May 2021.
David Einhorn, founder of the hedge fund Greenlight Capital, wrote a note about the pastrami.
The New Jersey deli once owned by a publicly traded company is no longer open.
I ate lunch in N.J. Here is my opinion. New Jersey.com
The $113 million deli is a mystery.
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