The 138-year-old firm, Del Monte Meals, has filed for chapter, the corporate stated in a press release.
“After a radical analysis of all obtainable choices, we decided a court-supervised sale course of is the best method to speed up our turnaround and create a stronger and enduring Del Monte Meals,” stated President and CEO Greg Longstreet.
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Del Monte is getting into Chapter 11 and is in search of a purchaser to amass its belongings. The corporate calls itself “The Authentic Plant-Based mostly Meals Firm” and makes quite a lot of canned vegetables and fruit. Along with the title model Del Monte, the corporate produces Contadina canned tomatoes and broths from Faculty Inn.
“Whereas we now have confronted challenges intensified by a dynamic macroeconomic surroundings, Del Monte Meals has nourished households for practically 140 years, and we stay dedicated to our mission of increasing entry to nutritious, great-tasting meals for all,” Longstreet stated.
Del Monte relies in Walnut Creek, California. The corporate famous within the assertion that it secured $912.5 million from its lenders to fund its operations whereas the corporate is being offered.
“I’m deeply grateful to our workers, growers, prospects and distributors, in addition to our lenders for his or her help in serving to us obtain our long-term objectives,” Longstreet stated.
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The 138-year-old firm, Del Monte Meals, has filed for chapter, the corporate stated in a press release.
“After a radical analysis of all obtainable choices, we decided a court-supervised sale course of is the best method to speed up our turnaround and create a stronger and enduring Del Monte Meals,” stated President and CEO Greg Longstreet.
Associated: This Dear Pineapple Prices Practically $400 — And It is Already Promoting Out
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