Del Monte Foods, known for its canned fruits and vegetables, is filing for bankruptcy protection after 139 years in business, according to the Associated Press. The news comes as U.S. consumers increasingly seek healthier or cheaper alternatives to its products.
The company has secured $912.5 million in debtor-in-possession financing that will let it operate normally as a court-supervised sale process progresses.
Del Monte Foods also owns the Contadina tomato brand, College Inn and Kitchen Basics broth brands and the Joyba bubble tea brand. Both Joyba and the broth companies saw sales growth in fiscal year 2024, but it was not sufficient to offset weaker sales of its signature canned goods.
