alt Hacker NewsDeath by many cuts:
"Consumer preferences have shifted away from preservative-laden canned food in favor of healthier alternatives," said Sarah Foss, global head of legal and restructuring at Debtwire, a financial consultancy.
Grocery inflation also caused consumers to seek out cheaper store brands. And President Donald Trump's 50% tariff on imported steel, which went into effect in June, will also push up the prices Del Monte and others must pay for cans.
Del Monte Foods, which is owned by Singapore's Del Monte Pacific, was also hit with a lawsuit last year by a group of lenders that objected to the company's debt restructuring plan. The case was settled in May with a loan that increased Del Monte's interest expenses by $4 million annually, according to a company statement.
https://www.pbs.org/newshour/nation/del-monte-files-for-bank...
During the coronavirus pandemic, when more people were eating at home, demand rose to record highs, Del Monte said in the filing, and the company committed to higher production levels. Once demand began to ease, Del Monte was left with too much inventory that it was forced to store, write off and “sell at substantial losses.”
The company also said it had carried a large amount of debt since it was acquired in 2014 by Del Monte Pacific Limited, which borrowed to finance the acquisition. Interest rates continued to increase, and the company’s annual cash interest expense has nearly doubled since 2020.
https://www.nytimes.com/2025/07/02/business/del-monte-bankru...
If you're up for a 12 minute video, besides re-iterating the points above (particularly underscoring the debt issue), it also points out that the company has changed hands many times in its history.