Canned foods for bankruptcy conservation

Dell Monte Foods, a 139 -year -old company that is known for its canned fruits and vegetables, is admissions for bankruptcy safety because consumers are bypassing their products for healthy or cheap options.

Dell Monte has obtained $ 912.5 million US in the debtor-in-public financeing that will allow it to operate as usual as sales increase.

CEO Greg Longstreet said in a statement, “After intensive evaluation of all available options, we determined that a court-paradise sales process is the most effective way to speed up our turnaround and create a strong and permanent del Monte Foods.”

Dell Monte Foods, Walnut Creek, is located in California, which is also the Joyba Bubble Tea brand with the contadina tomato brand, college in and kitchen basics broth brands.

The company has seen an increase in sales of joyba and broth in FY 2024, but is not sufficient to offset the weak sales of Dell Monte’s signature canned products.

“Consumer preferences have gone away from canned food filled with preservatives in favor of healthy options,” said Sarah Foss, a global head in the debt vision for a financial consultation, a financial consultation, for a financial consultation.

Grocery inflation also searched consumers for cheap store brands. And 50 percent of tariffs on imported steel of US President Donald Trump, which became effective in June, will also carry forward the prices of del Monte and others will have to pay for the compartment.

Dell Monte Foods, owned by the Dell Monte Pacific in Singapore, was prosecuted last year by a group of lenders who objected to the company’s debt restructuring plan. The case was resolved in May with a loan, which, according to a statement by the company, increased the Dell Monte’s interest expenses by $ 4 million US annually.

Del Monte said late Tuesday night that bankruptcy filing is part of the planned sales of the company’s property.