ECONOMY
139-year-old Del Monte Foods files for bankruptcy
Del Monte Foods, the 139-year-old company renowned for its canned fruits and vegetables, has filed for Chapter 11 bankruptcy protection and is actively seeking a buyer for its assets. The announcement was made late Tuesday, July 1, 2025, signaling a significant restructuring effort for the long-standing grocery staple.
The company, founded in 1886, stated it voluntarily commenced Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of New Jersey as part of a court-supervised sale process for all its assets. Del Monte’s product lines include well-known kitchen staples such as College Inn broths and Contadina canned tomatoes, in addition to its flagship Del Monte brand.
President and CEO Greg Longstreet stated, “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.” He added, “With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success.”
To maintain operations during the sale, Del Monte has secured $912.5 million in new funding. The company anticipates this financing, along with cash from ongoing operations, will provide sufficient liquidity to continue normal business, including its peak canning season. Court documents indicate the company listed liabilities estimated between $1 billion and $10 billion.
Longstreet acknowledged that the company has “faced challenges intensified by a dynamic macroeconomic environment.” Sarah Foss, global head of legal and restructuring at Debtwire, elaborated on these challenges, noting that “consumer demand has declined, causing it to incur increased costs related to surplus inventory that it has had to warehouse and attempt to move off shelves with increased promotional spending.” Foss further highlighted a broader trend: “Consumer preferences have shifted away from preservative-laden canned food in favor of healthier alternatives.”
Del Monte’s origins trace back to 1886. By 1907, it built its famous cannery in San Francisco, which by 1909, was claimed to be the largest fruit and vegetable cannery in the world.
