Financially struggling health care facility Bridgeport Manor has announced it will close later this year. As a result, some 200 employees will be dismissed starting in September, while roughly 100 residents at the 540 Bond St. facility in Bridgeport will need to be placed elsewhere.
Affiliated with Bridgeport Health Care Center, which filed for Chapter 11 bankruptcy on April 18, Bridgeport Manor has lost approximately $21 million over the last four years.
The facility was raided by FBI and IRS agents earlier this year in the midst of charges of financial mismanagement, including that Chief Financial Officer Chaim Stern had diverted $4 million from Bridgeport Manor employees’ retirement plan to himself and a religious charity he controlled. A lawsuit filed in 2016 by the U.S. Department of Labor over that matter is still pending.