Del Monte, the canned food aisle staple, files for bankruptcy

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Packages of Del Monte canned green beans are stacked at a Costco Wholesale store on April 4, 2025 in San Diego, California. (Photo by Kevin Carter/Getty Images)

Del Monte Foods, the canned good giant, has filed for bankruptcy, the company confirmed.

The 139-year-old company, based in Walnut Creek, California, has initiated Chapter 11 proceedings and entered into a restructuring support agreement with a group of its lenders, they said. 

It’s known for its brand of canned fruits and vegetables, as well as their College Inn brand broth and stocks and their Joyba brand teas. 

Del Monte bankruptcy

What they're saying:

"This is a strategic step forward for Del Monte Foods," CEO Greg Longstreet said in a statement announcing the bankruptcy. "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."

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By the numbers:

According to Reuters, bankruptcy court filings estimate the company’s assets and liabilities at between $1 billion and $10 billion. Del Monte has between 10,000 and 25,000 creditors. 

The company said it has secured $912.5 million in financing from some of its existing lenders to support itself through the proceedings.

What's next:

Del Monte said the company plans to stay open and continue operating through the Chapter 11 process. 

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Other brands that filed for bankruptcy this year

Dig deeper:

Del Monte is one of several major companies to file for Chapter 11 bankruptcy over the past year. Other companies include: 

• Joann fabric stores
• Forever 21
• Big Lots
• Party City
• Hooters
• TGI Friday’s