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Yahoo
5 hours ago
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A century-old grocery brand has declared bankruptcy: Here's alternatives to try in case they don't make it.
There's some great canned veggies and fruits to try. Del Monte has announced they are declaring bankruptcy and selling its assets, and for a country of people who have never known a world without this brand's products on their shelves, this is life-changing news. If Del Monte isn't a household name in your own home, its products certainly are, as they included everything from College Inn broths to Contadina canned tomatoes and Joyba teas, as well as canned fruits and vegetables from the Del Monte brand itself. '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. While this is more of a restructuring and their hope is to sell and not close shop, those who have long used their products may now have a fear of their favorite items disappearing from shelves. If you are worried about Del Monte disappearing and want to sample some other brands that offer similar products, now would be a good time to consider some options. Green Giant Canned vegetables in the pantry are an important part of a nutritious family menu rotation, and Green Giant has a wide range of canned vegetables, such as corn and mixed vegetables, but so much more. Dole This is a major competitor of Del Monte, and a great spot to try for both fresh and canned fruits. Goya With tons of canned beans as well as canned sauce, vegetables and fruit, this is a huge brand for canned goods.
Yahoo
16-07-2025
- Business
- Yahoo
Del Monte Foods bankruptcy threatens $1.35M loss for carrier
This story was originally published on Trucking Dive. To receive daily news and insights, subscribe to our free daily Trucking Dive newsletter. Saddle Creek Logistics Services, a warehousing and transportation provider with around 400 power units, has a $1.35 million unsecured claim tied to Del Monte Foods' Chapter 11 bankruptcy. The privately held company has some sizable cushion in other revenue: According to Transport Topics, the company had $922 million in gross revenue in 2024. But the potential financial hit means further pressure on a freight environment already fraught with tariff risks and rough demand. Saddle Creek didn't immediately respond to messages seeking comment. The bankruptcy, announced July 1, is poised to send ripple effects throughout the supply chain. Del Monte Foods' bankruptcy petition estimated over $1 billion in both assets and liabilities, affecting over 10,000 creditors. Other transportation creditors with unsecured claims include brokers Transplace, owned by Uber Freight ($9 million) and New Hampshire-based ES3 ($4 million) as well as Florida-based carrier CHEP ($469,812). Amid the more intense operating environment, creditors who don't have secured claims will be lower in priority for repayment and at greater risk of getting less money than what's owed. The food company believes a court-supervised sale is the best way to turnaround its finances in a long-term position, Del Monte Foods President and CEO Greg Longstreet said in a news release. 'To further enable the Company's smooth transition into Chapter 11, the Company has filed a number of customary 'first day' motions that, upon Court approval, will enable it to continue business operations in the ordinary course and on an uninterrupted basis,' the release said. Recommended Reading Early peak season signals challenging market ahead for trucking Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-07-2025
- Business
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It's gone pear-shaped at Del Monte Foods
How can a century(plus)-old brand fall into the position where Chapter 11 appears the best option to help the business? That's the question hanging over Del Monte Foods, the nearly 140-year-old company that this week announced it was entering Chapter 11 proceedings and is looking for a new owner. 'This is a strategic step forward for Del Monte Foods,' president and CEO Greg Longstreet said on Tuesday. 'A court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods.' The company, best known for its namesake brand of canned fruit and vegetables, has been owned since 2014 by Singapore and Philippines-listed Del Monte Pacific. Based in California, Del Monte Foods is also home to brands including College Inn broths and stocks and Joyba teas. With sales having recently come under pressure, laden with excess inventory and carrying debt from the Del Monte Pacific deal, the company has struck a 'restructuring support agreement' with creditors to pursue a 'going-concern sale process for all or substantially all' of its assets. Del Monte Foods says it has secured a commitment from its lenders for $912.5m in debtor-in-possession financing to keep the business going while a potential suitor is sought. It includes $165m in new funding, which is subject to court approval. The group has four factories – two in the US and two in Mexico. In May, the company shut a plant in Washington state. The closure followed three others last year. 'With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success,' Longstreet added. It's important to note that Del Monte Foods is distinct from the publicly listed – and fresh-foods-focused – Fresh Del Monte Produce. That company felt compelled to issue its own statement yesterday to underline it's not affiliated to Del Monte Foods. 'Fresh Del Monte Produce Inc.'s financial or operational performance is not impacted by that separate, unaffiliated company's announced legal or financial proceedings,' it said. 'The company remains financially strong, strategically aligned, and committed to delivering long-term value.' Fresh Del Monte Produce does own the Del Monte brand for prepared food products in Europe, Africa, and the Middle East – but Del Monte Foods holds the rights to the Del Monte brand for prepared food products in the US. And therein lies part of the reason for Del Monte Foods' woes. The company's range of shelf-stable products appeal less to the rising number of consumers in the US who are looking instead for minimally-processed, fresh-cut options. For Eddie Pearson, partner at US consultancy BeyondBrands, Del Monte Foods' move into Chapter 11 'isn't just a bankruptcy story – it's a snapshot of how quickly consumer preferences are rewriting the food aisle'. 'After nearly 140 years of keeping America shelf-stable, the iconic canned food brand is restructuring. Why? Because consumers have officially broken up with the can opener,' Pearson wrote on LinkedIn this week. 'The modern shopper wants fresh over shelf life, organic over artificial, farmers' market vibes over 'non-BPA liner' labels. Sure, Joyba bubble tea is still having its moment. But canned peaches? They're getting ghosted.' Del Monte Foods may also have been squeezed in a different way. Those US shoppers who are regular buyers of its type of canned fare may, in recent months, have been more attracted to the lower-price offerings sold under retailer own labels, especially at a time when consumer confidence has been under pressure. The company does manufacture products for US retailers' own labels but, as the Chapter 11 filings conceded, that side of the business 'has contracted substantially' after the recent plant closures. The recent tension over tariffs, especially the cost of inputs to make cans, would likely not have helped either. US industry body Consumer Brands Association has been vocal in its concerns about the US move to put tariffs on steel and aluminium. On top of all that, Del Monte Foods has held excess inventory in the wake of the Covid-19 pandemic. The company's sales were boosted during the worst of the pandemic amid the spike in at-home consumption and the temporary flight to well-known and staple brands. That elevated demand did not last. Then there are internal factors. Del Monte Foods has carried a pile of debt from the sale to Del Monte Pacific more than a decade ago. In the company's Chapter 11 filing, it said its annual cash interest costs stood at $66m in its 2020 fiscal year – but jumped to $125m in fiscal 2025 as its capital structure was refinanced and interest rates increased. In the wake of Del Monte Foods' statement on Tuesday, the price of Del Monte Pacific's shares listed in Singapore fell. Del Monte Pacific sought to underline its Asian and other international businesses continue 'to perform well, with resilient consumer demand, supported by a strong and stable supply chain'. The company added it is evaluating the potential impact of the Del Monte Foods' bankruptcy process, including any impairment charges that would have to be disclosed in future reporting. Nonetheless, according to Del Monte Pacific's annual report for fiscal 2024, Del Monte Foods accounted for 70% of its parent's sales. And those in logistics will be watching the situation closely. Logistics groups including CHEP USA, Saddle Creek and Uber Freight (as Transplace) are listed in the filings as creditors. "During the court-supervised process, Del Monte Foods will continue to fulfill customer orders across our portfolio of beloved brands during this process,' the group said. 'The company will have sufficient liquidity to continue paying vendors and suppliers for goods and services provided after the filing date. Our team remains focused on delivering high-quality food products that are healthy, delicious and convenient.' What lies further ahead remains to be seen. "It's gone pear-shaped at Del Monte Foods" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-07-2025
- Business
- Yahoo
Del Monte Foods' bankruptcy rebounds on its Singapore-listed parent company
Del Monte Foods, best known for its canned vegetables and fruits, filed for bankruptcy earlier this week and is looking for a buyer. The nearly 140-year-old brand announced on Tuesday that it is voluntarily entering Chapter 11 as 'part of an overall strategic balance-sheet restructuring.' '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. Del Monte Foods has secured a $912.5 million commitment from its lenders to support the company's operations through the sales process. Chapter 11 bankruptcy, sometimes referred to as a 'reorganization,' allows companies to operate under existing management while addressing existing liabilities under court supervision. Yet the effect of Del Monte's bankruptcy extends across the Pacific Ocean to Southeast Asia. Del Monte Foods' parent company is Del Monte Pacific, based in the Philippines. Del Monte Pacific announced in a Wednesday filing on the Singapore exchange that it will deconsolidate its U.S. subsidiary. The board of Del Monte Pacific also decided not to provide further support to Del Monte Foods, meaning that the subsidiary's lenders will now appoint a majority of its board members. Additionally, Del Monte Pacific has transferred 25% of its ownership stake to lenders. In June, Del Monte Pacific skipped a debt payment to Del Monte Foods' lenders. The parent company will now assess the financial impact of the deconsolidation of its subsidiary. Del Monte Pacific added that its investment in Del Monte Foods was valued at $579 million as of Jan. 31, 2025. Del Monte Pacific and its affiliates also have a net receivable of $169 million from Del Monte Foods as of the same date, according to the statement. Del Monte Pacific, No. 142 on the Southeast Asia 500, reported a 0.3% rise in revenue last year, reaching $2.43 billion. The U.S.-based Del Monte Foods contributed 72% of the group's revenue. Del Monte Pacific's history with Del Monte Foods dates back to 1926, when the U.S. company began operations in the Philippines. In 1996, Del Monte Corporation divested its Filipino operations, establishing Del Monte Philippines as a separate company. Del Monte Philippines became Del Monte Pacific in 1999. The two companies were reunited in 2014, when Del Monte Pacific acquired the Del Monte Corporation's consumer food business from KKR for $1.68 billion. Fresh Del Monte Produce, which sells fresh fruits and vegetables, is a separate U.S.-based company, spun off from Del Monte Corporation in 1989. Del Monte Pacific is owned by the Campos family, one of the wealthiest families in the Philippines, with a net worth of $940 million according to Forbes estimates. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-07-2025
- Business
- Yahoo
Why is Del Monte bankrupt? 138-year-old brand seeks buyer in Chapter 11 filing
A well-known grocery store brand, which has long sold canned fruits and vegetables, has filed for bankruptcy. No tax on tips or overtime, with a catch: What to know as Trump's 'big, beautiful bill' passes the Senate 'Alligator Alcatraz' merch appears on Amazon and Florida GOP website, making light of controversial facility Psychologists now know exactly what makes someone cool. Turns out, the definitions are universal Del Monte Foods, a 138-year old company, filed for Chapter 11 bankruptcy on Thursday. The company is headquartered in Walnut Creek, California, and operates six production facilities across the U.S., and two in Mexico. The company is now looking for a buyer with plans to sell off all of its assets. 'This is a strategic step forward for Del Monte Foods,' said Greg Longstreet, president and CEO of Del Monte Foods, in a press release. '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.' In addition to its flagship Del Monte brand, which includes canned fruits, vegetables, fruit cups, juices, and more, the company is also known for selling College Inn and Contadina products. The company began in 1886 before building a cannery in 1907 in San Francisco in 1907. Just two years later, in 1909, it had become the largest canned fruit and vegetable company in the world, according to the company's website. Del Monte says it has secured $912.5 million in new funding, which includes $165 million from some of its current lenders. The funds will allow the company to continue operations leading up to its sale. The company listed liabilities estimated between $1 billion and $10 billion, per court documents. Mr. Longstreet continued, '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 also operates outside of the U.S. and Mexico, with other main locations in the Philippines, Singapore, and India. The company says it doesn't expect interruptions to non-U.S. units, including its operations in Mexico. When it comes to recognizable grocery store products, Del Monte has been one of the biggest staples on the shelves for over a decade. Still, the company is not the only major brand to face financial challenges as of late. A number of fast casual chains, pharmacies, and other stores, such as Big Lots and Joann Fabrics, have all filed for Chapter 11 bankruptcy in recent months, signaling that in a tough market even iconic brands are struggling to hold on. While Del Monte says increased production costs are to blame for the company's struggles, some experts say that canned foods, which rely heavily on preservatives, are no longer America's go-to at the grocery store. 'Consumer preferences have shifted away from preservative-laden canned food in favor of healthier alternatives,' Sarah Foss, global head of legal and restructuring at Debtwire, said, per CNN. While Americans did lean on canned food immediately after Trump announced new tariffs, with more information around the risks of high levels of bisphenol A (BPAs) in canned products, there are plenty of health-focused reasons to avoid them altogether. This post originally appeared at to get the Fast Company newsletter: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
