Del Monte Foods revealed it has voluntarily filed for Chapter 11 bankruptcy protection and exploring a sale to a new owner in an effort to bolster its financial stability.

The iconic canned food company, which has been in business for 139 years and is headquartered in Walnut Creek, California, filed its petition on 1 July in the U.S. Bankruptcy Court for the District of New Jersey. 

Del Monte pointed to challenging economic conditions as the primary reason for the filing.

The canned food sector has faced fresh obstacles this year, including rising costs tied to former President Donald Trump’s tariffs on steel and aluminium, which were doubled from 25% to 50% on June 4. These measures have had a notable impact on both production expenses and consumer prices.

In a statement, Del Monte Foods President and CEO Greg Longstreet, said: “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.

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