A POPULAR food manufacturer and seller has faced increasing pressure over the years, culminating in a Chapter 11 bankruptcy filing.
The nearly 140-year-old company, which has been a staple on the shelves of retailers including Walmart and Target, filed for bankruptcy protection on Tuesday.
An iconic American manufacturer of canned fruits and vegetables filed for bankruptcy on MondayGettyDel Monte Foods is one of the largest producers, distributors, and marketers of branded processed food in the country.
The iconic brand, known for its canned fruits and vegetables, is working to restructure its operations and seek a buyer following years of struggles.
Shifting consumer behavior, supply chain troubles, and increasing operational costs, among other factors, have hit Del Monte Foods hard.
These struggles pushed the company to begin voluntary Chapter 11 proceedings in the US Bankruptcy Court for the District of New Jersey earlier this week, Del Monte Foods shared in a Tuesday press release.
“This is a strategic step forward for Del Monte Foods,” said company CEO Greg Longstreet.
“After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods.
“With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success.”
As part of the bankruptcy process, Del Monte Foods will secure $912.5 million from its lenders to help fund the brand and keep it operational throughout its sale process.
The Company also filed several customary “first day” motions that will allow Del Monte Foods to continue to delivering high-quality, healthy, and convenient food products to consumers.
“While we have faced challenges intensified by a dynamic macroeconomic environment, Del Monte Foods has nourished families for nearly 140 years, and we remain committed to our mission of expanding access to nutritious, great-tasting food for all,” said the CEO.
More to follow… For the latest news on this story, keep checking back at The U.S. Sun, your go-to destination for the best celebrity news, sports news, real-life stories, jaw-dropping pictures, and must-see videos.
Like us on Facebook at TheSunUS and follow us on X at @TheUSSun
Read More Details
Finally We wish PressBee provided you with enough information of ( Major canned food company found in Walmart & Target files for bankruptcy after almost 140 years )
Also on site :