Del Monte Foods, a fixture in American kitchens for more than a century, has filed for Chapter 11 bankruptcy protection and is seeking a buyer, the company announced Tuesday.
Don’t expect the brand to disappear from grocery store shelves anytime soon, though. The 135-year-old company, known for canned fruits, vegetables, broths, and teas, will continue operations as it works through a court-supervised sale process, Reuters reported. The reason? Del Monte secured financing to maintain business continuity during the proceedings.
Best recognized for its namesake label, Del Monte also owns brands like College Inn and Joyba. Generations of Americans have relied on Del Monte products as pantry staples, but shifting consumer preferences, supply chain challenges, and mounting debt have pushed the company into financial trouble.
“This is a strategic step forward for Del Monte Foods,” CEO Greg Longstreet said in a statement. “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.”
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The company filed for bankruptcy in New Jersey, saying it owes money to as many as 25,000 people and businesses. Its total debt and assets could range anywhere from $1 billion to $10 billion.
Despite the filing, Del Monte said its non-U.S. subsidiaries are unaffected and will continue normal operations.
Still, the move signals a major shift for one of the most recognizable names in the food industry. As consumers increasingly prioritize fresh, organic, and specialty products, legacy brands like Del Monte are feeling the pressure.
Del Monte’s story is far from over, but its future may soon rest in the hands of a new owner.
For shoppers raised on its green-labeled cans and cartons, the brand’s uncertain path is another sign of how quickly even the most familiar names can face unexpected crossroads.
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Source:: Life – Fitness – mensjournal
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