California peach growers have lost $550 million in contracts from food giant Del Monte when the 135-year-old company declared bankruptcy last year. The 135-year-old company, based in Walnut Creek, California, initiated Chapter 11 proceedings and entered into a restructuring support agreement with a group of its lenders. It’s known for its brand of canned fruits and vegetables, as well as their College Inn brand broth and stocks and their Joyba brand teas.
“Nobody wins in a situation like this. We’re all losing,” Sutter County supervisor and peach grower Karm Bains told the Sacramento Bee. “Somebody might be hurting a little bit more than their neighbor, depending on the size and the scale of what you had. But it’s devastating. And we still don’t know what to expect.” The bankruptcy upset a California peach industry reliant on large, long-term contracts with Del Monte.
So, my question is, the failure of the company most certainly lands at the feet of some seriously poor management. I wonder if those people's feet are held to the fire somehow for their fucking-upidness...
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In light of what's happening all around us lately, you
might want to get one for your wife or daughter...
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Some years back in CA a canned food company went bankrupt and in court said upper management needed to be paid bonuses to finish shutting down operations or they would leave. Court granted the bonuses and shortly after most of them left before the company finished closing.
ReplyDeleteWhy it went under is a good question, it's in Calif..
ReplyDeleteMaybe if they weren't so freaking expensive more people would buy them.
ReplyDeletethis is what happens when a business depends on ONE company for revenue. it's not a solid business model. ya got to diversify and expand your market to as many others as possible.
ReplyDeleteThe idiots who drove Del Monte into bankruptcy will all almost certainly retire with huge well funded "golden parachute" retirement schemes. NOBODY in big business ever suffers the consequences of their crappy decisions anymore.
ReplyDeleteFWIW, Del Monte has been a major campaign contributor to Nancy Pelosi. Maybe Pelosi saw her stream drying up so she decided not to run again. Now she'll just sit in her mansion, count her stock receipts and eat her expensive ice cream. This demonic Bint should be in prison. Anathema sit.
ReplyDeleteTrump dried up their source of slave labor....This is what happens when your business model is built entirely on an unfair labor market.
ReplyDeleteDon't forget the onerous taxes and regulations making it almost impossible to run a business. Remember they "ordered " companies to have women and minorities on the board. And just try to get a job as a white in calmehico now.
ReplyDeleteCalmehico! I don't care who you are, that's funny right there!
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