Why is Del Monte bankrupt? 138-year-old brand seeks buyer in Chapter 11 filing

A well-known grocery store brand, which has long sold canned fruits and vegetables, has filed for bankruptcy. 

Del Monte Foods, a 138-year old company, filed for Chapter 11 bankruptcy on Thursday.  The company is headquartered in Walnut Creek, California, and operates six production facilities across the U.S., and two in Mexico. The company is now looking for a buyer with plans to sell off all of its assets. 

“This is a strategic step forward for Del Monte Foods,” said Greg Longstreet...