Del Monte Foods, known for its canned vegetables and fruit 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 label products as key factors behind its financial troubles.
Del Monte said it has secured sufficient funding to continue operations during the sale process, ensuring its products will remain available while it restructures.
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The bankruptcy filing marks a significant turning point for the iconic food brand that has been a staple in American pantries for generations.
The company started in 1886 and built a cannery in San Francisco by 1907. Del Monte calls itself "the original plant-based food company."
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