Eastern Consolidated to Close in July

Peter Hauspurg, chairman and CEO and Daun Paris, president, Eastern Consolidated/ Images provided by Eastern Consolidated, composite created by Steve Lubetkin

NEW YORK CITY—Eastern Consolidated which was founded in 1981, and has a team of approximately 100 brokers and 40 full-time employees, is shutting down in July. The husband and wife team, Eastern’s CEO and Chairman Peter Hauspurg and president Daun Paris, issued the following excerpted statement: “Earlier this year we were approached by a third party, who inquired about a possible strategic partnership with Eastern Consolidated. During the course of our careers we have had a number of inquiries of this nature. We engaged an investment bank to evaluate the opportunity and gauge the market. During this process, other opportunities arose, but they all came with terms and conditions with which we were not comfortable. After thorough and thoughtful consideration, we determined that the best path forward is to wind down the operations of Eastern Consolidated.”

They ended the message thanking brokers and staff and stated, “We are confident that our talented team will be in high demand at other firms and we will do all that we can to make this an easy transition.”