Community Chat

[FancyPhillyshopper]

I usually have something from Del Monte in my pantry!

Canned food is always an important back-up!

[Seminole2]

It sounds like they are going to stay open or try to stay open while getting it together. I thought I read early this morning that they have someone to assume the triple digit debt. Some insane number. Was sad to read this and very surprised.

[roeroe1005]

I'm sorry to read this. 

I worked for a food company for 30 years and a non food company bought us, then bought another food company and merged us into that company.  And basically eliminated the food company I worked for.  

I remember when we were all losing our jobs, several managers went to Del Monte.  

I hope they survive this.

[Tinkrbl44]

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@FancyPhillyshopper wrote:

I usually have something from Del Monte in my pantry!

Canned food is always an important back-up!

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@FancyPhillyshopper 

Their Zucchini in Tomato Sauce is a great last-minute vegetable.

[Starpolisher]

I will also miss DelMonte. I usually eat fresh vegetables but always keep their fresh cut unsalted green beans, whole kernel corn and cream corn 🌽 on hand. Once in a while, I buy their zucchini with tomatoes. None of the other brands that I've tried taste as good as Del Monte!😋

[meallen616]

WHAT!

I grew up on Del Monte and so did my family, sad news!!

[charsha]

I am sad to hear this news. DelMonte has the best flavor, and in recent years offered no salt items which I buy. I may just have to buy a pantry full, to appease my taste if there is no buyer. I feel bad for the employees, not knowing what is ahead.

[MorningLover]

Business Insider

One of America's top canned foods companies is looking for a reset.

Grocery store mainstay Del Monte Foods filed for Chapter 11 bankruptcy this week, saying it wants to restructure to shed old debts and remain in business.

The nearly 140-year-old brand is looking to sell its assets following *recent plant closures and a controversial $240 million debt restructuring deal last year that prioritized some creditors over others.

CEO Greg Longstreet said in a statement that a "court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods."

That doesn't mean the packaged-food company, best known for offering a wide selection of canned fruits and vegetables, will disappear from store shelves.

The company said it has secured $912.5 million in financing from existing lenders, which would allow it to remain in business while it looks for a buyer.

"With an improved capital structure, enhanced financial position, and new ownership, we will be better positioned for long-term success," he said.

Del Monte reported in filings with the US bankruptcy court in New Jersey that it owed more than 10,000 creditors combined debts of between $1 billion and $10 billion.

In 2014, Del Monte Pacific, a Singapore-listed company majority-owned by the Campos family of the Philippines, acquired Del Monte Foods Consumer Products for $1.7 billion.

The company said Del Monte's international subsidiaries are not included in the proceedings and will continue to operate as normal.

*Del Monte Foods has recently announced the closure of multiple facilities, including a fruit processing plant in Yakima, Washington, and two warehouses in the same area. These closures are part of a broader effort by the company to align its manufacturing network with what it describes as a "reset in consumer behavior" and a return to pre-COVID buying habits

[songbird]

A lot of canned goods have sugar and preservatives in them.  Maybe that's a factor of people not getting from them.  I always had fresh veggies (green)  I think the only thing I liked canned was the corn.

[MorningLover]

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.