After two years of operation, Redstone Seafood of Abegweit First Nation on P.E.I. is selling off its assets.

Redstone Seafood employed 15 people at its peak of operation, but Chief Brian Francis said the plant was not able to do enough volume to be profitable.

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The seafood company was not able to do enough volume to turn a profit, says Abegweit First Nation Chief Brian Francis. (CBC)

The company bought from about 30 boats last season, but an analysis by an accounting firm showed it would need to buy from 100 boats to turn a profit. Francis said that wasn't going to happen so the decision was made to shut down.

The company assets are now up for sale, including trucks, scales and a lobster holding facility. Francis said the band does have an interested buyer.