"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."
