Del Monte Foods, maker of popular canned goods, files for bankruptcy
Source: Washington Post
Del Monte Foods, the nearly 140-year-old company whose canned fruits and vegetables have long been grocery store staples, has filed for bankruptcy as it grapples with mounting debt, post-pandemic headwinds and shifts in consumer spending.
The company announced Tuesday that it had voluntarily initiated Chapter 11 proceedings and reached an agreement with its lenders to sell most or all of its assets.
The company owes more than $1.23 billion in long-term secured debt.
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, Greg Longstreet, the president and CEO of Del Monte Foods, said in a statement.
Read more: https://www.washingtonpost.com/business/2025/07/03/del-monte-foods-files-bankruptcy
Another American Icon down the tubes.
— OneTinSoldier (@abluedotinaredsea.bsky.social) 2025-07-03T12:39:28.738Z
Del Monte Foods, maker of popular canned goods, files for bankruptcy
www.washingtonpost.com/business/202...
Lovie777
(21,576 posts)LetMyPeopleVote
(174,290 posts)wolfie001
(6,957 posts)Guaranteed. Reap what you sow mf'ers.
Auggie
(32,819 posts)wolfie001
(6,957 posts)But why not blame the fat orange imbecile anyway?
I mean, he's blaming Biden and Democrats for every lie he makes up in his deteriorating brain. This is pile on time. rePUKES need to be destroyed in the next election.
Auggie
(32,819 posts)wolfie001
(6,957 posts)'Saving Private Ryan' had that theme.
BlueWaveNeverEnd
(12,658 posts)BlueWaveNeverEnd
(12,658 posts)wolfie001
(6,957 posts)🤢🤮
NCDem47
(3,315 posts)Tasted very tin-ny
But that is just me.
cab67
(3,619 posts)But I've always kept a stockpile for emergencies or field work. With the right seasoning, they can be tasty indeed.
Grins
(9,214 posts)Lots of elderly. Often an executor of their estates.
Tells the heirs, Rip the hell out of their home to see what money, assets, documents , etc. are HIDDEN IN THE WALLS AND UNDER THE FLOOR.
They do. It was not uncommon for the family to find rooms or attics FILLED with canned food. One had so much canned food the county considered condemning the house because of the weight of all those canned goods had stressed and weakened the homes support structure.
Why?
They were children of the depression and never forgot how hungry they were.
Brother Buzz
(39,512 posts)Still restructuring and looking for a buyer. Tough market now, but the label has cachet, so I dont think it will disappear.
Tanuki
(16,261 posts)"Private equity failure at its finest.
Del Monte became part of R.J. Reynolds Industries, Inc. (later RJR Nabisco, Inc.), in 1979. After having been acquired by Kohlberg Kravis Roberts in 1988, RJR Nabisco sold several Del Monte divisions. The fresh fruit business was sold to Polly Peck.[25] RJR Nabisco retained Del Monte Canada and Venezuela. The remaining food processing divisions, known as Del Monte Foods, were sold to Merrill Lynch, Citicorp Venture Capital, and Kikkoman in 1989. Kikkoman separately acquired Del Monte brand in Asia (excluding Philippines, the Indian subcontinent and Myanmar). In 1990, the European division was subject to a management buyout and Hawaiian Punch was sold to Procter & Gamble.[26][27] Del Monte sold part of its Philippines division in 1991 and the remainder in 1996.[28] In 1993, Del Monte's dried fruit division was sold to Yorkshire Food Group.[29] In 1996, Del Monte sold its pudding division to Kraft.[30] In 1996, Del Monte Mexico was sold to Hicks, Muse, Tate & Furst; the Central American and Caribbean operations were also sold.[31][32]
Texas Pacific Group acquired Del Monte in 1997.[33] Del Monte acquired Contadina from Nestlé in 1997 and reacquired Del Monte Venezuela from Nabisco in 1998.[34][35] Del Monte Foods again became a publicly traded company in 1999, and in 2002, it purchased several brands from US food giant Heinz in an all-stock transaction that left Heinz shareholders with 74.5% of Del Monte and original Del Monte shareholders with 25.5% of the company, and nearly tripled Del Monte Foods' size.[36] Del Monte subsequently established an East Coast headquarters in Pittsburgh, home of Heinz, and in 2021 moved their headquarters to Penn Center West.[37]
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Klarkashton
(4,647 posts)UpInArms
(53,960 posts)Into the operation
muriel_volestrangler
(105,496 posts)On 26 August 2010, Nadir returned to the UK to try to clear his name. Prosecutors alleged that he stole more than £150 million from Polly Peck and he faced trial on 13 specimen charges totalling £34 million. Nadir was found guilty on 10 counts of theft totalling £29 million. On 23 August 2012 at the Old Bailey, he was sentenced to 10 years in prison.[2]
https://en.wikipedia.org/wiki/Polly_Peck
2na fisherman
(220 posts)There will be only a few companies in the food business. And those food monopolies will fix the prices of all foods. They will be able to cheat all consumers at will because there will be no real choice in the market. Notice how many packages have less product ounces inside them than before, yet charge more for less? Regulation of them is all but gone. The 1%ers will soon have the game rigged from cradle to grave. Even the funeral business is mostly monopolized now.
Bengus81
(9,758 posts)Doesn't matter if its canned food or the trash biz,more of the same shit each day.
Hassler
(4,739 posts)Economy
Javaman
(65,052 posts)About how in Italy co-ops are written into the countries constitution.
How about the employees band together and by it out?
Sector 001
(157 posts)When the IRS opened a service center here in Fresno, California, she went to work for them. She retired after twenty years and then passed away in 2010 from emphysema.
Munu
(57 posts)Could I be typical?
Exp
(747 posts)Take Root Organics
c-rational
(3,126 posts)in the daks. It was a catchy phrase, at least to me.
chouchou
(2,738 posts)Seems like frozen food is king now.
Dr. T
(497 posts)Dumbfuck Donnie uses it when he has something to gain from it. I'm no financial expert, but I've come to believe that a business filing for bankruptcy is way different than a private citizen filing for bankruptcy.
Aussie105
(7,540 posts)You'd think buying produce, processing it and canning for a large markup on materials and labor would be a profitable no brainer, but apparently not.
Grandma can now break out her preserving jars and start preserving fruit and veg when they are cheap for the off season.
Hoarding canned foods by oldies who went through a recession or a war is quite common.
Covid saw a big run on . . . . toilet paper!
No, it's not logical, but who said people had to be logical?
Vinca
(53,220 posts)Throw in assorted tariffs on imported fruits and vegetables and it's a Trump bankruptcy.
kerouac2
(1,398 posts)The engine is grinding to a halt due to the great dismantling of our govt
PCB66
(63 posts)It seemed like we ate a lot of canned vegetables. However, nowadays it is either fresh or frozen. Frozen is usually superior qualify to canned.