Del Monte's Big Change: Why This Old Food Company is Selling Itself

Del Monte Foods, a household name for over a century, is in big trouble. The company that brought us canned fruits and veggies has decided to sell itself. This is a huge deal because Del Monte has been around for 138 years! The company announced this move late on a Tuesday, saying it's the best way to turn things around. Del Monte is known for brands like College Inn broths and Contadina tomatoes. But now, it's facing some serious challenges. The company's boss, Greg Longstreet, said they looked at all their options and decided this was the way to go. They even got $912. 5 million in new funding to keep things running while they find a buyer. So, why is Del Monte in this situation? Well, people aren't buying as many canned goods as they used to. More folks are choosing healthier, fresh options instead. This shift has left Del Monte with too much inventory and not enough buyers. Plus, the company has a lot of debt, between $1 billion and $10 billion, according to court papers. Del Monte started way back in 1886 and once had the biggest cannery in the world. But times have changed, and the company is struggling to keep up. The boss hopes that with new ownership and a better financial setup, Del Monte can have a brighter future. The company is entering what's called Chapter 11 bankruptcy. This is a legal process that allows businesses to reorganize and find a way to pay off their debts. It's not the end of the road, but it's a big step for a company that's been around for so long.