Shared from Food Business News
Photo Credit: Bumble Bee Foods
SAN DIEGO — Bumble Bee Foods has declared Chapter 11 bankruptcy and has entered into an asset purchase agreement with FCF Co., Ltd., a seafood processor and distributor based in Kaohsiung City, Taiwan., in which the company will pay $925 million for the assets. The declaration of bankruptcy will facilitate the sale and help Bumble Bee reduce its debt burden, according to the company.
“It’s been a challenging time for our company, but today’s actions allow us to move forward with minimal disruption to our day-to-day operations,” said Jan Tharp, president and chief executive officer of Bumble Bee. “We have an experienced leadership team in place and plan to transform our business in bold and innovative ways that will build a legacy worthy of our proud 120-year-old history.”