In New Jersey, hemp bioplastics producer Makamer Holdings has sold a small-town deli once valued at $100 million for $15,000, plus another $700 in inventory.
Paulsboro’s Your Hometown Deli, once the sole asset of Hometown International, went viral in 2021 when hedgie David Einhorn used it as an example of public market chicanery. “The pastrami must be amazing,” Einhorn said in an investor at the time. CNBC reported that Hometown’s CEO, Paul Morina, was the local high school’s wrestling coach.
Makamer, which merged with Hometown International in April of this year and closed the deli shortly after, reported the sale in a recent regulatory filing. “After carefully evaluating its prospects, the Company’s new management has determined to sell Your Hometown Deli and its assets and focus on the business operations of Makamer as the Company’s business going forward.”
CNBC quoted the deli’s 2021 sales at $25,0004.