Del Monte Foods, known for its canned vegetables and food cups, has filed for Chapter 11 bankruptcy protection and is now seeking a buyer, according to multiple reports.
The California-based company, which has been in business for 138 years, cited changing consumer spending habits and an increasing shift toward private labour products as key factors behind its financial troubles.
Del Monte said it has security-sufficient funding to continue operations during the sale process, ensuring its products will remain available while it restructures.
The bankruptcy filing marks a significant turning point for the iconic food brand that has been a staple in American pantries for generations.
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