A Finnish fur auction house has purchased North American Fur Auctions according to reporting by the Wisconsin State Journal.
The U.S. headquarters of Toronto, Canada-based NAFA, which auctioned pelts from both large fur producers and trappers, were located in Stoughton. The company declared bankruptcy Oct. 31, according to court documents.
It then entered into creditor protection, and the company’s website was still indicating that situation existed Jan. 27, 2019.
The State Journal reported that Saga moved into the Stoughton warehouse after Thanksgiving and hired 40 workers, many of whom were former NAFA employees. A Nov. 22 posting on the Saga Furs website stated the company would be taking care of the business of NAFA customers, including farmer relations and collections.
When the City of Stoughton agreed to help finance the expansion of the NAFA warehouse in 2016, the company reported having 35 full time and 235 part time employees.
Wisconsin is the largest producer of mink pelts in the country.
In court documents, NAFA CEO Doug Lawson blamed an overall contraction of the fur industry in recent years for the previous owner’s bankruptcy filing.