Latest news with #Longstreet
The Mainichi
04-07-2025
- Entertainment
- The Mainichi
H.K.'s tribute museum to Bruce Lee closes amid financial strain
HONG KONG (Kyodo) -- A Hong Kong museum dedicated to martial arts legend Bruce Lee set up by his fans shut its doors earlier this week, citing financial difficulties. Considered a must-see by Lee's overseas admirers visiting the territory, the Bruce Lee Club had put on display items from its collection of over 2,000 artifacts, including sculptures, decades-old magazines and precious film stills from the late star's early career. But the club earlier said on Facebook that accumulated expenses had forced them to "rethink how to most effectively utilize our resources to sustain the flame of Bruce Lee's spirit." The club's operators had expected a recovery after revenue was hit during the COVID-19 pandemic, but "reality fell short," the Facebook post said. It is not known whether the museum will reopen. The fan club was founded by Lee's family to "share our knowledge and closest memories" of the late superstar, who died in July 1973 at the age of 32. The itinerant archive first opened in a different location in Hong Kong in 2000, before reopening in 2019 after a years-long hiatus. A Hong Kong-American, Lee is known for bringing Chinese martial arts, or kung fu, to Hollywood, and for developing a new school known as Jeet Kune Do. In 2019, pro-democracy activists in Hong Kong were seen following the advice of "Be water, my friend" from the 1971 TV drama series Longstreet featuring Lee as a reminder to stay flexible and constantly shift their tactics in the face of a police crackdown. The museum's last day Tuesday attracted scores of visitors, including Andy Tong, 46, a Jeet Kune Do instructor, and his son Andre, 13, who hailed Lee as a "god." "Things related to him or his deeds in Hong Kong are getting harder and harder to come by," Tong said.
Kyodo News
04-07-2025
- Entertainment
- Kyodo News
H.K.'s tribute museum to Bruce Lee closes amid financial strain
HONG KONG - A Hong Kong museum dedicated to martial arts legend Bruce Lee set up by his fans shut its doors earlier this week, citing financial difficulties. Considered a must-see by Lee's overseas admirers visiting the territory, the Bruce Lee Club had put on display items from its collection of over 2,000 artifacts, including sculptures, decades-old magazines and precious film stills from the late star's early career. But the club earlier said on Facebook that accumulated expenses had forced them to "rethink how to most effectively utilize our resources to sustain the flame of Bruce Lee's spirit." The club's operators had expected a recovery after revenue was hit during the COVID-19 pandemic, but "reality fell short," the Facebook post said. It is not known whether the museum will reopen. The fan club was founded by Lee's family to "share our knowledge and closest memories" of the late superstar, who died in July 1973 at the age of 32. The itinerant archive first opened in a different location in Hong Kong in 2000, before reopening in 2019 after a years-long hiatus. A Hong Kong-American, Lee is known for bringing Chinese martial arts, or kung fu, to Hollywood, and for developing a new school known as Jeet Kune Do. In 2019, pro-democracy activists in Hong Kong were seen following the advice of "Be water, my friend" from the 1971 TV drama series Longstreet featuring Lee as a reminder to stay flexible and constantly shift their tactics in the face of a police crackdown. The museum's last day Tuesday attracted scores of visitors, including Andy Tong, 46, a Jeet Kune Do instructor, and his son Andre, 13, who hailed Lee as a "god." "Things related to him or his deeds in Hong Kong are getting harder and harder to come by," Tong said.
Hamilton Spectator
04-07-2025
- Business
- 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 .
NDTV
03-07-2025
- Business
- NDTV
Canned Goods Giant Del Monte Foods Files For Bankruptcy, Details Inside
Del Monte Foods, a household name synonymous with canned goods and packaged foods, has filed for bankruptcy. This move marks a dramatic shift for the company, which has been a staple in American kitchens for generations. The company announced that it has voluntarily entered Chapter 11 and is undergoing a process to sell its assets. "After a thorough evaluation of all available options, we determined that a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and more enduring Del Monte Foods," said President and CEO Greg Longstreet. Also Read: Watch: Italian Dessert Tiramisu Served In Japan With A Matcha Twist Is Viral Now The canned food company has obtained $912.5 million in new funding, which will enable it to stay afloat throughout the selling process and continue to operate normally as it approaches the peak canning season. According to court documents, the corporation stated liabilities valued between $1 billion and $10 billion. "With an improved capital structure, enhanced financial position, and new ownership, we will be better positioned for long-term success," Longstreet added. Del Monte has been dealing with numerous geopolitical and economic problems for a while. The company stated in the filing that demand reached all-time highs during the coronavirus epidemic when more people were dining at home, and the firm pledged to increase production levels. However, Del Monte was left with too much inventory, which compelled it to hold, write off, and "sell at substantial losses." Also Read: Kylie Jenner's Midweek Spread Looks Oh-So-Delicious. Here's The Menu The company added that it has a significant debt load since Del Monte Pacific Limited bought it in 2014 and borrowed money to pay for the purchase. The company's annual cash interest payment has nearly quadrupled since 2020 as interest rates have continued to rise. Del Monte began operations in 1886, and in 1907, it constructed its renowned cannery in San Francisco. By 1909, the firm claimed to have run the world's largest fruit and vegetable cannery. Advertisement For the latest food news, health tips and recipes, like us on Facebook or follow us on Twitter and YouTube. Tags: Del Monte Foods Bankruptcy Food Show full article Comments
02-07-2025
- Business
Canned goods company Del Monte Foods files for Chapter 11 bankruptcy
Del Monte Foods announced this week it is voluntarily filing for Chapter 11 bankruptcy and looking to sell its company to a new owner to help "strengthen" its financial standing. The 139-year-old canned and packaged foods company, based in Walnut Creek, California, commenced proceedings in the U.S. Bankruptcy Court for the District of New Jersey on July 1, citing broader economic trends for the move. Del Monte Foods, founded in 1886, is one of the largest producers, distributors and marketers of food products in the U.S. and is the company behind the Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W brands. According to Del Monte, the company built its first cannery in San Francisco in 1907, and by 1909, it had become "the largest fruit and vegetable cannery in the world." The canned foods industry is navigating a dynamic landscape this year, as President Donald Trump's steel and aluminum tariffs significantly impact production and consumer costs. Steel and aluminum tariffs doubled from 25% to 50% on June 4. In a statement shared with "Good Morning America," Del Monte Foods President and CEO Greg Longstreet called the bankruptcy filing a "strategic step forward" for the veteran company. "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," Longstreet said. "With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success." Del Monte said it has secured a $912.5 million commitment from lenders to fund its ongoing operations for the time being. Some of Del Monte's non-U.S. subsidiaries are excluded from the Chapter 11 proceedings "and continue to operate as usual," the company said. "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," Longstreet added. "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."
