140-Year-Old Del Monte Foods Files for Bankruptcy

Del Monte Foods, the 138-year-old company best known for its canned fruits and vegetables, has filed for bankruptcy and is seeking a buyer, reported Jordan Valinsky for CNN..

Del Monte determined that a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring company. I Photo: Business Wire

The company announced last week that it was voluntarily entering Chapter 11 bankruptcy and has initiated a sale process for all of its assets. Among its product lines are several well-known kitchen staples, including College Inn broths, Contadina canned tomatoes, and its flagship Del Monte brand.

“After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods,” said President and CEO Greg Longstreet in a statement.