Del Monte, the canned food aisle staple, files for bankruptcy
(www.fox29.com)
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Foreign owned and owes 25,000 creditors. Could these be American Farms screwed out of their honest productivity?
You might have something there. Times have changed. We used to have canned foods daily, Beans, corn, peas, peaches, etc. Now there is always fresh produce in the supermarket and my can opener is rarely used.
Yes, fresh 90%. of the time, frozen the remainder...praying they recover and reorganize 🙏
I think it's more likely related to the rash of poorly managed PE lending. I'd have to find more information on how Del Monte was operating. But, as an example, the PE that bought red lobster separated the property from the restaurants and then made the restaurant LLC pay the landowning LLC current market rates for rent when that was a long term strategy for the chain to keep food costs low. This skyrocketed pricing and they started a death spiral. They are still barely hanging on, but they will probably file for chapter 11 and sell off everything on the restaurant LLC in the next five years or so and the PE will get to sell of extremely valuable properties, so they win big while the average worker gets the shaft.
It's the service industry version of what investment firms did in the 90s to factories - buy them up and cut them apart to the highest bidders for profit.
Yes, and majorly influenced/owned by the suppliers, which is why they forced them to do the endless stuff.