140-Year-Old Food Giant Makes Stunning Move In New York

Here's what the move means for New Yorkers at their favorite grocery stores.

A legendary grocery store stable is filing for bankruptcy.

140-Year-Old New York Grocery Stable Makes Major Move

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Del Monte Foods, "one of the country's largest producers, distributors and marketers of premium quality, branded food products," is filing for bankruptcy.

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An official from the canned food giant confirmed Del Monte Foods began voluntary Chapter Eleven proceedings and entered into a restructuring support agreement with a group of its lenders.

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"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," Del Monte Foods President CEO Greg Longstreet stated.

The company, known for its classic canned fruits, veggies, and brands like Contadina, Joyba, and Kitchen Basics, announced the move due to a staggering $1 billion‑plus in long‑term debt

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Del Monte Foods was founded in 1886. In a press release, the company said it "intends" to remain open and continue "serving customers with high-quality food products on an uninterrupted basis, throughout the bankruptcy.

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"With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success," Longstreet said.