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Del Monte Foods, the 138-year-old canned food giant, has filed for Chapter 11 bankruptcy and is seeking a buyer. The company, known for brands like College Inn and Contadina, secured $912.5 million in funding to operate during the sale process. Del Monte cited declining consumer demand, increased costs, and a shift towards private labels as contributing factors to its financial difficulties. The company expects the sale will lead to a stronger financial position and long-term success.

Prepared by Christopher Adams and reviewed by editorial team.