Millions of dollars worth of lobster held in storage, says Cape Breton buyer

Lobster trays for storage. Photo courtesy of Aquabiota.com

SYDNEY, NOVA SCOTIA — Lobster is a hard sell these days in Cape Breton.

Jimmy Kennedy of Louisbourg Seafoods says he’s sitting on about $1.7 million worth of lobster because of a glut in the market.

He says ports from Bay St. Lawrence to Gabarus are holding crustaceans they can’t sell in live storage, and he’s now running out of space.

Kennedy has been in the business of buying lobster since 1983 and says he’s never seen anything quite like this.

He says the problem isn’t the price of lobster, but the record catches in southwest Nova Scotia this season.

Kennedy says he hopes things turn around shortly, maybe by Father’s Day on June 15.