Market Overview

Canned Tuna Maker Bumble Bee Foods Declares Bankruptcy

Canned Tuna Maker Bumble Bee Foods Declares Bankruptcy

Canned tuna maker Bumble Bee Foods declared bankruptcy and quickly reached an agreement to sell its assets.

Bumble Bee filed for Chapter 11 bankruptcy protection and reached an agreement to sell its assets to its largest creditor, Taiwan-based FCF Fishery, for $925 million, according to CNBC.

Bumble Bee is owned by a London-based private equity firm called Lion Capital, who bought the food company for $980 million in 2010.

What Happened To Bumble Bee Tuna

The tuna company's past few years has been riddled with legal woes, including a 2017 guilty plea for price-fixing. Bumble Bee paid $25 million in fees for starting a cartel with rivals Chicken of the Sea and Starkist.

The company also confidentially settled lawsuits with food distributors Sysco Corporation (NYSE: SYY) and US Foods Holding Corp (NYSE: USFD), CNBC noted. In addition, Bumble Fee Foods still owes the U.S. Department of Justice $17 million and faces ongoing civil lawsuits.

Bumble Bee did face a declining market as consumption of canned tuna fell from 42% per capita over a 30-year period ended 2016.

Canned tuna fans will be able to continue buying Bumble Bee's products as the bankruptcy proceedings isn't expected to impact its U.S. and Canadian operations, according to CNBC.

Related Links:

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How Walmart Is Changing The Produce Shopping Experience

Photo credit: KeenReport

Posted-In: bankruptcy Bumble Bee Foods Bumble Bee Tuna CNBC foodNews Legal Media Best of Benzinga


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