Del Monte Foods Inc. has filed for Chapter 11 bankruptcy protection. Best known for selling canned fruits and vegetables, Del Monte is a beloved brand in the US. Just last year, the privately held company was named one of America’s most trusted.
But the nearly-140-year-old business is in trouble and can’t repay its debts. Its best hope is to be sold under a court-supervised sale process, says Greg Longstreet, president and CEO of Del Monte Foods. “With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success.”
What went wrong for Del Monte Foods?
Del Monte Foods has faced headwinds in recent times. CEO Longstreet cites challenges “intensified” by a…