Which famous retailer filed for bankruptcy?
Red Lobster, Walgreens, Rite Aid, and many other retailers are battling financial degradation.
A staple of grocery stores for over 100 years, the canned food company has filed for bankruptcy to stay on the shelves.
Recognizable for its iconic green can, Del Monte Foods filed Chapter 11 bankruptcy this week. Longstreet said in a press release on July 1 that it would sign a restructuring agreement in hopes of reducing its debt and securing buyers for the remaining assets.
“After a thorough assessment of all available options, we determined that it is the most effective way to accelerate turnaround and create a stronger and lasting Delmonte food,” Longstreet said in a statement. “We face challenges that have been intensified by the dynamic macroeconomic environment, but Del Monte Foods has been nourishing our families for nearly 140 years. We continue to work on our mission to expand access to great, nutritious food products for all.”
The company said it has set aside $912.5 million from investors to continue floating during the restructuring, and the release intends to continue serving its customers. In addition to the canned vegetable brand Del Monte, the company also owns Soup and Stock brand College Inn and Tea brand Joyba.
