July 02, 2025
Del Monte Foods: Del Monte Foods, known for its canned fruits and veggies, has filed for bankruptcy after 139 years in business. The company is now looking for a new owner. In a statement released this week, Del Monte said it is entering Chapter 11 voluntarily.
It has also started the process to sell all of its assets. Some of its well-known products include College Inn broths and Contadina canned tomatoes. The iconic Del Monte brand continues to be a household name.
“We carefully looked at every possible option,” said Greg Longstreet, President and CEO of Del Monte Foods. “In the end, we believe a court-supervised sale is the best path forward.” “This process will help speed up our recovery.”
“It also gives us a chance to build a stronger and long-lasting Del Monte Foods,” he added. Del Monte has secured $912.5 million in debtor-in-possession (DIP) financing. This support will help the company keep running during the sales process.
READ ALSO
Operations will continue without interruption, even during the peak canning season. The company aims to stay stable while exploring its next steps. As per court documents, Del Monte’s debt is estimated to be between $1 billion and $10 billion.
“With stronger finances, a better capital structure, and new ownership, we’ll be set up for long-term success,” said Greg Longstreet. He admitted the company has been through tough times.
Much of that, he explained, comes from today’s challenging economic climate.
Consumers are spending less. More people are turning to private label brands. These changes have made things harder for Del Monte in recent years.
According to Sarah Foss, global head of legal and restructuring at Debtwire, Del Monte is facing a drop in consumer demand. This decline has led to excess inventory piling up.
READ ALSO
The company has had to store that extra stock in warehouses. To clear shelves, it has spent more on promotions and discounts. Foss also noted a shift in consumer preferences.
People are moving away from canned foods with preservatives. Healthier options are now in higher demand. Del Monte’s story began back in 1886. Just over two decades later, in 1907, it built a large cannery in San Francisco.
By 1909, the company proudly claimed it was running the biggest fruit and vegetable cannery in the world. That moment marked a major milestone in its legacy. It helped shape Del Monte into a household name for generations.
Follow Us
AD News Live
