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BANKRUPTCY
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Del Monte, the 139-year-old canned fruits and vegetables company, seeks bankruptcy protection
Del Monte canned vegetables for sale in Berkeley, Calif.
Ben Margot/Associated Press
Del Monte Foods, the 139-year-old company best known for its canned fruits and vegetables, is filing for bankruptcy protection as US consumers increasingly bypass its products for healthier or cheaper options. Del Monte has secured $912.5 million in debtor-in-possession financing that will allow it to operate normally as the sale progresses. '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,' chief executive Greg Longstreet said in a statement. Del Monte Foods, based in Walnut Creek, Calif., also owns the Contadina tomato brand, College Inn and Kitchen Basics broth brands, and the Joyba bubble tea brand. The company has seen sales growth of Joyba and broth in fiscal 2024 but not enough to offset weaker sales of Del Monte's signature canned products. — ASSOCIATED PRESS
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LEISURE
Extreme weather has Americans skipping theme parks this year
Guests arrived at a Six Flags amusement park in Valencia, Calif., in 2023.
Eric Thayer/Photographer: Eric Thayer/Bloomb
Amusement park attendance is off to the worst start for its busiest period of the year in the post-pandemic era as bad weather deters thrill seekers. Foot traffic at United Parks & Resort Inc.'s twelve US locations has fallen an estimated 9.6 percent on average over the 30 days through June 20, compared with a 1.3 percent drop in the same period last year, according to an analysis of Placer.ai cellphone mobility data. Similarly, the average across Six Flags Entertainment Corp.'s parks where data was available fell 17 percent, versus a moderate 0.8 percent increase last year. The figures include 11 of Cedar Fairs locations and the US-based Six Flags-branded properties acquired in a merger last year. A wet start to the busy season in April has given way to scorching heat across wide swaths of the country as the July 4 holiday approaches. Meteorologists expect weather in the United States this summer to oscillate between record-setting temperatures and severe thunderstorms, both of which can deter would-be thrill seekers at theme parks. — BLOOMBERG NEWS
GOVERNMENT
Trump asks Supreme Court to remove 3 Democrats on the Consumer Product Safety Commission
The Trump administration on Wednesday asked the Supreme Court to remove three Democratic members of the Consumer Product Safety Commission, who were fired by President Trump and then reinstated by a federal judge. Trump has the power to fire independent agency board members, the Justice Department argued in its filing to the high court, pointing to a May ruling by the Supreme Court that endorsed a robust view of presidential power. The administration asked the court for an immediate order to allow the firings to go forward, over the objections of lawyers for the commissioners. The commission helps protect consumers from dangerous products by issuing recalls, suing errant companies, and more. Trump fired the three Democrats on the five-member commission in May. They were serving seven-year terms after being nominated by President Joe Biden. US District Judge Matthew Maddox in Baltimore ruled in June that the dismissals were unlawful. Maddox sought to distinguish the commission's role from those of other agencies where the Supreme Court has allowed firings to go forward. — ASSOCIATED PRESS
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CARMAKER
Tesla sales plunge again as anti-Musk boycott shows staying power
President Trump and Tesla chief executive Elon Musk spoke to reporters as they sat in a red Model S Tesla vehicle on the South Lawn of the White House on March 11.
Uncredited/Associated Press
Sales of Tesla electric cars fell sharply in the last three months as boycotts over Elon Musk's political views continue to keep buyers away, a significant development given expectations that anger with the company's billionaire chief executive would have faded by now. The company reported a 13 percent plunge in sales on Wednesday in a sign that Musk's embrace of President Trump and far-right politicians in Europe has had a deep and enduring impact on Tesla's brand appeal. The new figures show rival electric vehicle makers have wasted no time to pounce on the company's weakness to steal market share and suggest Tesla's quarterly earnings report later this month could also disappoint. Sales fell to 384,122 in April through June, down from 443,956 in the same three months last year. During the latest period, Musk formally left the Trump administration as a cost-cutting czar and hopes rose that sales would recover. Musk himself recently said that Tesla was in the midst of a 'major rebound' in sales. Still, some parts of the report were encouraging. Sales of the Models 3 and Y totaled 373,728, above the estimate of 356,000 from Wall Street analysts. — ASSOCIATED PRESS
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MEDIA
G/O Media winds down by selling Kotaku, one of its last sites
Logos for G/O Media and Jezebel.
Peter Morgan/Associated Press
G/O Media, the digital media publisher that once owned sites like Jezebel and Deadspin, announced Wednesday that it is winding down its operations and selling off one of its last properties, the video game website Kotaku. G/O Media, which is owned by the private equity firm Great Hill Partners, once owned a collection of websites that had belonged to the Gawker Media blog universe and The Onion. But it has slowly been shedding its holdings. With the sale of Kotaku, only one website remains: The Root, which covers Black culture and news. G/O Media's chief executive, Jim Spanfeller, said in a statement Wednesday that 'it became clear to our investors that it was time to move on,' alluding to a series of challenges that have faced the digital media industry in recent years. Spanfeller was quick to say that Great Hill had been 'a very good partner' and had 'never weighed in on editorial direction.' In April, G/O Media sold the business news site Quartz and the commerce site The Inventory to Redbrick, a Canadian software company. In recent years, it also sold off Jalopnik, The Onion, Jezebel, Lifehacker, Deadspin, and the A.V. Club. Spanfeller said that he was still working to find a buyer for The Root, but that G/O Media 'will exit having increased shareholder value.' — NEW YORK TIMES
ENTERTAINMENT
'South Park' season debut delayed with streaming rights in limbo
Comedy Central has delayed the upcoming debut of the new season of South Park, prompting a vitriolic response from the show's creators. In a statement Wednesday, Trey Parker and Matt Stone blamed the delay on complications from the pending merger of Comedy Central's parent company Paramount Global with independent TV and film producer Skydance Media — a deal that has gotten bogged down amid regulatory scrutiny in Washington. 'This merger is a [expletive]-show and it's [expletive] up South Park,' the creators wrote. 'We are at the studio working on new episodes and we hope the fans get to see them somehow.' Comedy Central announced Wednesday that the premiere of the 27th season of the hit animated comedy series would be moved to July 23 from July 9. The show has been mired in friction lately over the future of its streaming rights. HBO Max's exclusive streaming rights for South Park ended recently, and no new deal has been reached. Last month, Parker and Stone accused Skydance of interfering in negotiations over the future of the rights, which could net them billions of dollars, and threatened legal action. 'Under the terms of the transaction agreement, Skydance has the right to approve material contracts,' the company responded at the time. — BLOOMBERG NEWS
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Miami Herald
32 minutes ago
- Miami Herald
What's open & what's closed on the 4th of July 2025
Fast Facts: In 2025, July 4th falls on a major businesses, including nationwide and regional grocery and retail stores (e.g., Best Buy, Home Depot, Target, Walmart, etc.), will be will be state and city governments, post offices, banks, and libraries will be closed. Financial markets like the NYSE and Nasdaq will be closed.A record number of Americans are forecast to travel during the holiday period. This year marks the 249th year of America's independence, and this time around, the Fourth of July falls on a Friday, giving many a true, three-day weekend to celebrate. Many businesses, government offices, and financial markets will be closed as Americans take the day off and mark the summer season with barbecues and outdoor activities. As with every federal holiday, there is always some confusion about what will be closed and what will remain open. People who work in an office generally have the Fourth of July off to spend with their families. But consumer-facing businesses often choose how and when to operate-smaller shops may close entirely, while large chains often shoulder the costs of employee holiday pay to remain open, either for their typical hours or for reduced holiday hours. Here's everything you need to know about what's open and what's closed this Independence Day. Related: The best gas grills under $250, ranked by Consumer Reports data As a federal holiday, public and private institutions-including schools, post offices, libraries, and federal offices-are typically closed. Financial markets will also be closed, and there will be no trading on the New York Stock Exchange or the Nasdaq stock market. Cryptocurrency will still be tradable. USPS mail will not be delivered to homes and businesses. But shipping companies such as UPS and FedEx will keep at least some hours-check with your local office before heading over, and keep in mind that anything you may need to send is likely to take longer. The Federal Reserve observes the holiday, and as almost all banks will be shuttered, any last-minute cash needs will likely require an ATM (most will be functioning, but if there is a problem, reaching a staff member may not be possible). Related: Stock market holidays & half days 2025: A complete list When it comes to smaller institutions like one's religious organization or the local library, it's best to check directly with the branch-sometimes by calling ahead as not all will be diligent about updating hours online. In most cities, trash collection will move to the following workday. In terms of retail, big-box warehouse club Costco will be closed, although most other large retailers will remain open. More info for consumers: Costco vs. Sam's Club: Prices, perks & memberships comparedMovie theater subscriptions compared: Prices & perks at a glanceThe 10 most popular new cars & SUVs of 2025 (so far), according to Consumer Reports While Costco closes its warehouses on the Fourth of July, Sam's Club will remain open. Other food retailers, such as Walmart and Target, will remain open, but some locations may have shorter operating hours. As the schedule is set by each store, it's best to look up your local branch's hours online or call ahead to ask a representative. Be sure to get there early to get what you need for your picnic or barbecue, as there might be a run on popular items like hot dog buns. As Americans take to the streets in towns and cities that have parades, small businesses such as restaurants and bars are likely to be open. Other retailers & restaurants that are open on Independence Day Those with special projects at home will be glad to know that home improvement retailers Home Depot and Lowe's will be open during normal business hours. Other large retailers such as Best Buy will also be open and amping up the holiday marketing with decorations and Fourth-of-July sales and promotions. To reach those hungry and thirsty crowds, most national food chains, including Starbucks, McDonald's, Wendy's, and Taco Bell, will be open in major cities but may be short-staffed in smaller towns. The larger the chain, the more likely it is to remain open as well as to keep normal hours. Public transportation will be available in most major cities and suburbs but may be running on a special holiday schedule (often the same as a typical Sunday schedule). Wherever the holiday takes you, it's a good idea to check for closures or abbreviated hours (and leave more time for travel) to be safe. Related: TSA issues travel alert for 4th of July weekendCelebrating the day that the U.S. adopted the Declaration of Independence is, for many, a time to attend a local parade, have a family barbecue, and finish up with something sweet while watching fireworks. That being said, it's also a big travel holiday. Authorities are expecting a record-breaking period of travel as the holiday falls on a Friday, giving many Americans the opportunity to plan their trips around the extended weekend holiday. Altogether, a record 72.2 million Americans are forecast to travel at least 50 miles from their home from June 28 to July 6, and the overwhelming majority-61.6 million people-would travel by car, according to the Automobile Association of America (AAA). The Transportation Security Administration (TSA) has its own forecast, and it estimates screening more than 18.5 million travelers across the nation's airport security checkpoints from July 1 through July 7. About 2.9 million people are expected to be screened on Sunday, July 6, alone. Travel advisory Americans are cautioned about potential terrorist threats within the country due to tensions with Iran. The Department of Homeland Security on June 22 issued an advisory, saying that "the ongoing Iran conflict is causing a heightened threat environment in the United States," and it is in effect until September 22, 2025. Related: The 10 most reliable car brands in 2025 according to Consumer Reports The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Hamilton Spectator
34 minutes ago
- Hamilton Spectator
Iconic canned food giant Del Monte Foods files for bankruptcy protection. What does it mean for Canadian shoppers?
One of the largest producers of canned fruit and vegetables in the United States filed for bankruptcy protection — but plans to continue operations during a court-supervised sale process. Del Monte Foods announced July 1 it initiated voluntary Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the District of New Jersey. A news release from Del Monte Foods Corporation II Inc. notes the filing impacts the U.S. indirect subsidiaries of Del Monte Pacific Limited, which are not affiliated with certain other Del Monte companies around the world, including Del Monte Canada. 'Certain of the Company's non-U.S. subsidiaries are not included in the Chapter 11 proceedings and continue to operate as usual,' Del Monte Foods said in the release. The bankruptcy filing does not impact Del Monte's processed fruit and vegetable business in Canada. A spokesperson for Fresh Del Monte Produce Inc. noted the company is a publicly traded, independent company with no corporate, legal, or operational affiliation with Del Monte Foods Inc., a privately held U.S. company currently involved in litigation with certain debt holders. The two companies operate completely separately, with distinct ownership, leadership, and supply chains, the spokesperson added. 'We remain fully focused on delivering the high-quality Del Monte branded fresh produce that our partners and consumers expect,' the spokesperson said in an emailed statement. Del Monte's U.S. business has secured $912.5 million (U.S.) in debtor-in-possession financing to sustain ongoing operations, the company said. Del Monte Foods added the company 'intends to continue serving customers with high-quality food products on an uninterrupted basis.' Del Monte Foods has entered into a restructuring support agreement with a group of lenders. The agreement contemplates a 'going-concern' sale process for all or substantially all of the company's assets — with support from lenders — aimed at maximizing value for stakeholders. In the release, Greg Longstreet, president and CEO of Del Monte Foods, called the Chapter 11 filing 'a strategic step forward for Del Monte.' '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,' Longstreet added. Del Monte, founded in 1886 , has vowed to continue operating. Longstreet noted in the release, '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.' One major headwind for Del Monte moving forward... Consumers are shifting toward fresher and healthier options, reducing sales of traditional canned products. They need to pivot and fast. Sylvain Charlebois, senior director for the Agri-Food Analytics Lab at Dalhousie University, said the food company may need to pivot toward fresher, healthier foods. 'One major headwind for Del Monte moving forward … Consumers are shifting toward fresher and healthier options, reducing sales of traditional canned products,' Charlebois said on X . Metroland has reached out to Del Monte Canada for comment. This story will be updated once we receive a response. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
USA Today
36 minutes ago
- USA Today
Trump promotes UFC fight at White House, migrant remedy for farmers in Iowa speech
The Iowa speech came the same day the House gave final approval to Trump's legislative package of tax reductions and Medicaid cuts. President Donald Trump told an Iowa crowd he would sign the legislative package in a patriotic ceremony on July 4 and focus resources on national parks − as well as holding a UFC fight at the White House - as he embarks on a yearlong celebration of the country's 250th anniversary. 'There could be no better birthday present for America than the phenomenal victory we achieved just a few hours ago, when Congress passed the one big beautiful bill to make America great again,' Trump told a crowd at the Iowa State Fairgrounds in Des Moines for a 'Salute to America Celebration.' Trump said he would sign the bill at the White House joined by House Speaker Mike Johnson, R-Louisiana; Senate Majority Leader John Thune, R-South Dakota; and many congressional Republicans. Trump said military pilots who successfully bombed Iran will be guests for a flyover of military planes during the patriotic ceremony. 'We're going to have B-2s and F-22s and F-35s flying right over the White House,' Trump told reporters before flying to Iowa. 'We'll be signing with those beautiful planes flying right over our heads.' Trump promises immigration enforcement fix for farmers One of Trump's top priorities is to improve border security and deport immigrants who are in the country unlawfully. But after hearing concerns that farmers were losing migrant workers they depend on, Trump outlined how Homeland Security Secretary Kristi Noem was developing legislation to effectively allow farmers to vouch for their workers to allow them to stay. Trump said similar lenience would be extended to hotel and leisure industries. 'We don't want to take all of the workers off the farms," Trump said. "We've got to work with the farmers." 'We're going to put you in charge," Trump told the crowd. Series of state fairs will begin in Iowa: Trump Trump ‒ who has long embraced patriotic themes and imagery to complement his "America first" agenda ‒ already had a controversial taxpayer-funded military parade on the streets of Washington, D.C. The parade June 14 marked the 250th anniversary of the U.S. Army and fell on Trump's 79th birthday. In Iowa, Trump unveiled efforts to create the "Great American State Fair," a concept he touted on the 2024 campaign trail as a "unique, one-year exhibition featuring pavilions from all 50 states." He said events during the next year at fairgrounds nationwide would culminate on the National Mall in Washington, D.C. 'We will be orchestrating what we're calling the great American state fair and it will start right here in Iowa,' Trump said to cheers. 'We're going to have a big crowd.' Trump says he'll host UFC fight at White House To boost national parks, Trump proposed to raise the entrance fees for foreigners as part of his "America first" strategy. "Every one of our national park battlefields and historic sites are going to have special events in honor of America 250," Trump said. "And I even think we're going to have a UFC fight. We're going to have a UFC fight on the grounds of the White House." "Championship fight − full fight," he added. Trump signed an executive order on the flight to Iowa creating a Make America Beautiful Again Commission to overcome what he called 'years of mismanagement, regulatory overreach and neglect of routine maintenance" at the National Park Service and the Forest Service. The commission is to include Defense Secretary Pete Hegseth, Agriculture Secretary Brooke Rollins, the heads of the Environmental Protection Agency and Office of Management and Budget and others. Trump seeks to expand access to public lands and recover fish and wildlife populations through voluntary conservation efforts. 'Land-use restrictions have stripped hunters, fishers, hikers, and outdoorsmen of access to public lands that belong to them,' the order said. The National Park Service has $23 billion in deferred maintenance on roads, trails and historic landmarks, the order said. The Forest Service has $10.8 billion in deferred maintenance, the order said.
