Shocker! 138-Year-Old Canned Food Giant Has Filed for Bankruptcy

Some shocking food news just dropped: 138-year-old canned-food giant Del Monte Foods has filed for Chapter 11 bankruptcy.

According to Entrepreneur, things haven't been going so well for the canned food brand as of late. Del Monte has entered voluntary Chapter 11 proceedings in an attempt to re-structure and move forward.

That process involves selling off a large portion of the company's assets to raise the money to continue operations.

"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," Del Monte Foods CEO Greg Longstreet says in a statement.

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"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."

Del Monte's brand includes more than we originally knew. They not only bring canned fruits and vegetables to tables across America, but they are also the parent brand for Cottage Inn broths and Contadina canned tomatoes.

Del Monte Foods has been working to keep the company afloat through this possibly lengthy bankruptcy process. They have worked with lenders and investors to secure more than $900 million in funds to keep the company running at full steam while they look for a buyer or buyers to help take the company to the next level.