 Fisheries were the mainstay of the economy.In 1965, Petersburg fishermen founded Icicle Seafoods.Fishermen Gordon Jensen and Magnus Martens teamed up with managers Tom Thompson and Bob Thorstenson, Sr. to organize a group of fishermen to purchase the Pacific American Fisheries (PAF) plant (the original Buschmann cannery) at a time when the seafood industry seemed in decline.