Who owns Del Monte Foods? Grocery staple files for Chapter 11 bankruptcy

Del Monte Foods, a grocery staple brand known for its canned products, has voluntarily filed for bankruptcy in New Jersey. In a press release dated Tuesday, July 1, 2025, the company announced initiating Chapter 11 proceedings to pursue a "value-maximizing sale process" of all its assets.

Founded in 1886, the brand is currently headquartered in Walnut Creek, California. It encompasses product lines like Contadina, College Inn, Kitchen Basics, Joyba, and Del Monte, among others. In 2014, the Singapore-based organization, Del Monte Pacific Limited, acquired the company.

Del Monte Foods has filed for bankruptcy. pic.twitter.com/LhNXoAnFq8

— Pop Crave (@PopCrave) July 2, 2025

The release shared on the company's website included a statement by President and CEO Greg Longstreet. He explained that the bankruptcy filing stemmed from several challenges in the "macroeconomic environment."

Notably, according to Al Jazeera, Joyba and College Inn saw increased sales in the 2024 fiscal year, but it didn't offset the decreased sales for the brand's flagship canned products.

In its filing, Del Monte Foods listed liabilities ranging between $1 billion and $10 billion

According to Greg Longstreet, Del Monte Foods determined that a "court-supervised sale process" was the most "effective way" for a turnaround after a thorough evaluation. He added that an "improved capital structure" coupled with an "enhanced financial position" and new "ownership" would better position them for "long-term success." He continued:

"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. I am deeply grateful to our employees, growers, customers and vendors, as well as our lenders for their support in helping us achieve our long-term goals."

Citing court documents filed at the U.S. Bankruptcy Court for the District of New Jersey, CNN reported that the brand's listed liabilities range between $1 billion and $10 billion.

Sarah Foss, a global head of legal and restructuring at Debtwire (a financial consultancy firm), elaborated that they saw a decline in "consumer demand." This has, in turn, led to increased costs related to storing the surplus inventory and promotional spending to sell it. She added:

"Consumer preferences have shifted away from preservative-laden canned food in favor of healthier alternatives," Longstreet stated.

 

 

 

 

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According to ABC News, the canned food industry has also observed setbacks this year after President Donald Trump levied tariffs on steel and aluminum. Notably, he doubled the tariffs from 25% to 50%. This has directly pushed up the production and consumer costs.

Further, citing the consumer price index report from last month, Al Jazeera reported a 0.3% increase in the price of food, making it a 2.2% inflation as compared to this time last year. This has led to consumers seeking out cheaper alternatives.

Per the outlet, last year, Del Monte Foods was hit with a lawsuit by lenders unhappy with the company's debt overhaul plan executed in 2024. The case was settled this May with a loan that increased their interest expenses by $4 million annually.

Elsewhere in the press release, Longstreet also added that they have secured $912.5 million in funding that would support the company during the sale proceedings. Notably, he asserted that Del Monte Foods would continue operations as normal.

The statement specified that non-US subsidiaries were not included in the Chapter 11 proceedings and would continue to operate per usual. Notably, the company's operations are in Mexico, the Philippines, Singapore, and India.