Kane Beef Processors has filed for Chapter 11, paving the way for the sale of the struggling business.
The company filed for bankruptcy Tuesday after months of financial hardship, unable to pay its bills on time.
At one point, the plant owed $2 million to the city for unpaid bills.
Three months ago, a federal court appointed an attorney to manage plant operations.
The attorney is now tasked with finding a new owner.
The Kane family sold the business in 2013.
They say it’s been difficult to watch the decline of their former family business.
“It’s heartbreaking,” said Jerry Kane, the past president/CEO for Kane Beef. “I don’t have a better word for it. It just hurts. I have faith that the receiver right now knows what he’s doing and that he’s going to get it into the best hands.”