LENNOX ISLAND, P.E.I. — Though it only opened its doors a few months ago, Native-owned Minigoo Fisheries recently laid off employees and filed for protection from creditors.

Minigoo dismissed workers last week, citing the need to restructure the company. Though layoffs are common and expected in the seasonal fishing industry, the CBC recently learned that the company planed to file court papers to prevent creditors from potentially bankrupting the ailing fishery. If the court accepts the proposal, Minigoo will have 30 days to come up a plan to refinance the company.

According to reports, CEO Jon Osmonn recently resigned amid uncertainty about the fishery’s future. However, company spokesman Jack MacAndrew is optimistic that next lobster season will be business as usual for Minigoo.

"Minigoo is in the midst of making some changes," MacAndrew told the Charlottetown Guardian. “Minigoo will have a future.”