Iconic Canned Food Giant Files For Bankruptcy After 138 Years

One of the country’s oldest and largest food distribution companies may disappear from store shelves. Del Monte, a canned food staple in American homes for generations, announced its Chapter 11 bankruptcy on July 1. The company shared the news in a release. The company hopes a buyer will come forward to help save the beloved brand.

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“This is a strategic step forward for Del Monte Foods. 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. With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success,” President and CEO Greg Longstreet shared.

The news of Del Monte’s bankruptcy shocked many who’ve relied on the company’s canned food for decades.

“Just saw Del Monte filed bankruptcy. I mean, who of us as a kid wasn’t treated to their fruit cocktail or cling peaches in heavy syrup,” someone shared on X

Another person noted on X that the bankruptcy will have an economic ripple effect. “This will be painful for some trucking and logistics operators, as Del Monte was a major shipper. It could also hurt any factoring company that bought receivables from Del Monte.”

However, the CEO has confidence the company can come back stronger.

“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,” Greg Longstreet shared.

This story’s featured image is by Kevin Carter/Getty Images.