Canned food company Del Monte Foods is the latest business to file for bankruptcy.
The company filed for Chapter 11 in the U.S. Bankruptcy Court for the District of New Jersey, it announced via a press release.
Del Monte is looking for buyers for part or all of the company after securing $912.5 million in funding, pending the court’s approval. The company will continue to operate during the process. The non-U.S. subsidiaries are not included in the bankruptcy filing.
It comes a year after it already went through a debt restructuring, Bloomberg reported.
“While we have faced challenges intensified by a dynamic macroeconomic environment, Del Monte Foods has nourished families for nearly 140 years, and we remain committed to our mission of expanding access to nutritious, great-tasting food for all. I am deeply grateful to our employees, growers, customers and vendors, as well as our lenders for their support in helping us achieve our long-term goals.” Del Monte Foods CEO Greg Longstreet said.
In addition to the Del Monte brand, the company also produces College Inn broths and Contadina canned tomatoes, CNN reported.
Del Monte started in 1886, building its cannery in San Francisco in 1907. The company’s history said the cannery was the largest in the world by 1909.
Del Monte has had a presence in Pittsburgh for more than 20 years. Its current office is in Robinson Township after moving from its Del Monte Center location on the North Shore in 2021.
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