The food processing company Del Monte Foods, known for its canned fruit and vegetables, has filed for bankruptcy and is looking for a buyer.
The 138-year-old company, which also owns the Contadina tomato brand, College Inn and Kitchen Basics broth brands, and the Joyba bubble tea brand, announced it is entering Chapter 11. In addition, Del Monte plans to sell all of its assets.
Del Monte cited a decline in consumer demand as the reason for the filing. One financial consultant pointed out that people are moving away from canned foods to fresh products and healthy alternatives.
The company has secured $912.5 million in funding to help it operate normally as the sale proceeds.
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Author: Ray Hilbrich
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