Latest news with #Joyba
Boston Globe
21 hours ago
- Business
- Boston Globe
Trump to cut protections for home health aides, migrant farmworkers
Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up BANKRUPTCY Advertisement Del Monte, the 139-year-old canned fruits and vegetables company, seeks bankruptcy protection Del Monte canned vegetables for sale in Berkeley, Calif. Ben Margot/Associated Press Del Monte Foods, the 139-year-old company best known for its canned fruits and vegetables, is filing for bankruptcy protection as US consumers increasingly bypass its products for healthier or cheaper options. Del Monte has secured $912.5 million in debtor-in-possession financing that will allow it to operate normally as the sale progresses. '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,' chief executive Greg Longstreet said in a statement. Del Monte Foods, based in Walnut Creek, Calif., also owns the Contadina tomato brand, College Inn and Kitchen Basics broth brands, and the Joyba bubble tea brand. The company has seen sales growth of Joyba and broth in fiscal 2024 but not enough to offset weaker sales of Del Monte's signature canned products. — ASSOCIATED PRESS Advertisement LEISURE Extreme weather has Americans skipping theme parks this year Guests arrived at a Six Flags amusement park in Valencia, Calif., in 2023. Eric Thayer/Photographer: Eric Thayer/Bloomb Amusement park attendance is off to the worst start for its busiest period of the year in the post-pandemic era as bad weather deters thrill seekers. Foot traffic at United Parks & Resort Inc.'s twelve US locations has fallen an estimated 9.6 percent on average over the 30 days through June 20, compared with a 1.3 percent drop in the same period last year, according to an analysis of cellphone mobility data. Similarly, the average across Six Flags Entertainment Corp.'s parks where data was available fell 17 percent, versus a moderate 0.8 percent increase last year. The figures include 11 of Cedar Fairs locations and the US-based Six Flags-branded properties acquired in a merger last year. A wet start to the busy season in April has given way to scorching heat across wide swaths of the country as the July 4 holiday approaches. Meteorologists expect weather in the United States this summer to oscillate between record-setting temperatures and severe thunderstorms, both of which can deter would-be thrill seekers at theme parks. — BLOOMBERG NEWS GOVERNMENT Trump asks Supreme Court to remove 3 Democrats on the Consumer Product Safety Commission The Trump administration on Wednesday asked the Supreme Court to remove three Democratic members of the Consumer Product Safety Commission, who were fired by President Trump and then reinstated by a federal judge. Trump has the power to fire independent agency board members, the Justice Department argued in its filing to the high court, pointing to a May ruling by the Supreme Court that endorsed a robust view of presidential power. The administration asked the court for an immediate order to allow the firings to go forward, over the objections of lawyers for the commissioners. The commission helps protect consumers from dangerous products by issuing recalls, suing errant companies, and more. Trump fired the three Democrats on the five-member commission in May. They were serving seven-year terms after being nominated by President Joe Biden. US District Judge Matthew Maddox in Baltimore ruled in June that the dismissals were unlawful. Maddox sought to distinguish the commission's role from those of other agencies where the Supreme Court has allowed firings to go forward. — ASSOCIATED PRESS Advertisement CARMAKER Tesla sales plunge again as anti-Musk boycott shows staying power President Trump and Tesla chief executive Elon Musk spoke to reporters as they sat in a red Model S Tesla vehicle on the South Lawn of the White House on March 11. Uncredited/Associated Press Sales of Tesla electric cars fell sharply in the last three months as boycotts over Elon Musk's political views continue to keep buyers away, a significant development given expectations that anger with the company's billionaire chief executive would have faded by now. The company reported a 13 percent plunge in sales on Wednesday in a sign that Musk's embrace of President Trump and far-right politicians in Europe has had a deep and enduring impact on Tesla's brand appeal. The new figures show rival electric vehicle makers have wasted no time to pounce on the company's weakness to steal market share and suggest Tesla's quarterly earnings report later this month could also disappoint. Sales fell to 384,122 in April through June, down from 443,956 in the same three months last year. During the latest period, Musk formally left the Trump administration as a cost-cutting czar and hopes rose that sales would recover. Musk himself recently said that Tesla was in the midst of a 'major rebound' in sales. Still, some parts of the report were encouraging. Sales of the Models 3 and Y totaled 373,728, above the estimate of 356,000 from Wall Street analysts. — ASSOCIATED PRESS Advertisement MEDIA G/O Media winds down by selling Kotaku, one of its last sites Logos for G/O Media and Jezebel. Peter Morgan/Associated Press G/O Media, the digital media publisher that once owned sites like Jezebel and Deadspin, announced Wednesday that it is winding down its operations and selling off one of its last properties, the video game website Kotaku. G/O Media, which is owned by the private equity firm Great Hill Partners, once owned a collection of websites that had belonged to the Gawker Media blog universe and The Onion. But it has slowly been shedding its holdings. With the sale of Kotaku, only one website remains: The Root, which covers Black culture and news. G/O Media's chief executive, Jim Spanfeller, said in a statement Wednesday that 'it became clear to our investors that it was time to move on,' alluding to a series of challenges that have faced the digital media industry in recent years. Spanfeller was quick to say that Great Hill had been 'a very good partner' and had 'never weighed in on editorial direction.' In April, G/O Media sold the business news site Quartz and the commerce site The Inventory to Redbrick, a Canadian software company. In recent years, it also sold off Jalopnik, The Onion, Jezebel, Lifehacker, Deadspin, and the A.V. Club. Spanfeller said that he was still working to find a buyer for The Root, but that G/O Media 'will exit having increased shareholder value.' — NEW YORK TIMES ENTERTAINMENT 'South Park' season debut delayed with streaming rights in limbo Comedy Central has delayed the upcoming debut of the new season of South Park, prompting a vitriolic response from the show's creators. In a statement Wednesday, Trey Parker and Matt Stone blamed the delay on complications from the pending merger of Comedy Central's parent company Paramount Global with independent TV and film producer Skydance Media — a deal that has gotten bogged down amid regulatory scrutiny in Washington. 'This merger is a [expletive]-show and it's [expletive] up South Park,' the creators wrote. 'We are at the studio working on new episodes and we hope the fans get to see them somehow.' Comedy Central announced Wednesday that the premiere of the 27th season of the hit animated comedy series would be moved to July 23 from July 9. The show has been mired in friction lately over the future of its streaming rights. HBO Max's exclusive streaming rights for South Park ended recently, and no new deal has been reached. Last month, Parker and Stone accused Skydance of interfering in negotiations over the future of the rights, which could net them billions of dollars, and threatened legal action. 'Under the terms of the transaction agreement, Skydance has the right to approve material contracts,' the company responded at the time. — BLOOMBERG NEWS Advertisement
CBC
a day ago
- Business
- CBC
Canned foods giant Del Monte files for bankruptcy protection
Del Monte Foods, the 139-year-old company best known for its canned fruits and vegetables, is filing for bankruptcy protection as consumers increasingly bypass its products for healthier or cheaper options. Del Monte has secured $912.5 million US in debtor-in-possession financing that will allow it to operate normally as the sale progresses. "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," CEO Greg Longstreet said in a statement. Del Monte Foods, based in Walnut Creek, Calif., also owns the Contadina tomato brand, College Inn and Kitchen Basics broth brands, as well as the Joyba bubble tea brand. The company has seen sales growth of Joyba and broth in fiscal 2024, but not enough to offset weaker sales of Del Monte's signature canned products. "Consumer preferences have shifted away from preservative-laden canned food in favour of healthier alternatives," said Sarah Foss, global head of legal and restructuring at Debtwire, a financial consultancy. Grocery inflation also caused consumers to seek out cheaper store brands. And U.S. President Donald Trump's 50 per cent tariff on imported steel, which went into effect in June, will also push up the prices Del Monte and others must pay for cans. Del Monte Foods, which is owned by Singapore's Del Monte Pacific, was also hit with a lawsuit last year by a group of lenders that objected to the company's debt restructuring plan. The case was settled in May with a loan that increased Del Monte's interest expenses by $4 million US annually, according to a company statement. Del Monte said late Tuesday that the bankruptcy filing is part of a planned sale of company's assets.
The Advertiser
a day ago
- Business
- The Advertiser
Canned goods firm Del Monte seeks bankruptcy protection
Del Monte Foods, the 139-year-old company best known for its canned fruits and vegetables, is filing for bankruptcy protection as US consumers increasingly bypass its products for healthier or cheaper options. Del Monte has secured $US912.5 million ($A1.4 billion) in debtor-in-possession financing that will allow it to operate normally as the sale progresses. "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," CEO Greg Longstreet said in a statement. Del Monte Foods, based in Walnut Creek, California, also owns the Contadina tomato brand, College Inn and Kitchen Basics broth brands and the Joyba bubble tea brand. The company has seen sales growth of Joyba and broth in fiscal 2024, but not enough to offset weaker sales of Del Monte's signature canned products. "Consumer preferences have shifted away from preservative-laden canned food in favour of healthier alternatives," said Sarah Foss, global head of legal and restructuring at Debtwire, a financial consultancy. Grocery inflation also caused consumers to seek out cheaper store brands. And US President Donald Trump's 50 per cent tariff on imported steel, which went into effect in June, will also push up the prices Del Monte and others must pay for cans. Del Monte Foods, which is owned by Singapore's Del Monte Pacific, was also hit with a lawsuit last year by a group of lenders that objected to the company's debt restructuring plan. The case was settled in May with a loan that increased Del Monte's interest expenses by $US4 million annually, according to a company statement. Del Monte said that the bankruptcy filing is part of a planned sale of company's assets. Del Monte Foods, the 139-year-old company best known for its canned fruits and vegetables, is filing for bankruptcy protection as US consumers increasingly bypass its products for healthier or cheaper options. Del Monte has secured $US912.5 million ($A1.4 billion) in debtor-in-possession financing that will allow it to operate normally as the sale progresses. "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," CEO Greg Longstreet said in a statement. Del Monte Foods, based in Walnut Creek, California, also owns the Contadina tomato brand, College Inn and Kitchen Basics broth brands and the Joyba bubble tea brand. The company has seen sales growth of Joyba and broth in fiscal 2024, but not enough to offset weaker sales of Del Monte's signature canned products. "Consumer preferences have shifted away from preservative-laden canned food in favour of healthier alternatives," said Sarah Foss, global head of legal and restructuring at Debtwire, a financial consultancy. Grocery inflation also caused consumers to seek out cheaper store brands. And US President Donald Trump's 50 per cent tariff on imported steel, which went into effect in June, will also push up the prices Del Monte and others must pay for cans. Del Monte Foods, which is owned by Singapore's Del Monte Pacific, was also hit with a lawsuit last year by a group of lenders that objected to the company's debt restructuring plan. The case was settled in May with a loan that increased Del Monte's interest expenses by $US4 million annually, according to a company statement. Del Monte said that the bankruptcy filing is part of a planned sale of company's assets. Del Monte Foods, the 139-year-old company best known for its canned fruits and vegetables, is filing for bankruptcy protection as US consumers increasingly bypass its products for healthier or cheaper options. Del Monte has secured $US912.5 million ($A1.4 billion) in debtor-in-possession financing that will allow it to operate normally as the sale progresses. "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," CEO Greg Longstreet said in a statement. Del Monte Foods, based in Walnut Creek, California, also owns the Contadina tomato brand, College Inn and Kitchen Basics broth brands and the Joyba bubble tea brand. The company has seen sales growth of Joyba and broth in fiscal 2024, but not enough to offset weaker sales of Del Monte's signature canned products. "Consumer preferences have shifted away from preservative-laden canned food in favour of healthier alternatives," said Sarah Foss, global head of legal and restructuring at Debtwire, a financial consultancy. Grocery inflation also caused consumers to seek out cheaper store brands. And US President Donald Trump's 50 per cent tariff on imported steel, which went into effect in June, will also push up the prices Del Monte and others must pay for cans. Del Monte Foods, which is owned by Singapore's Del Monte Pacific, was also hit with a lawsuit last year by a group of lenders that objected to the company's debt restructuring plan. The case was settled in May with a loan that increased Del Monte's interest expenses by $US4 million annually, according to a company statement. Del Monte said that the bankruptcy filing is part of a planned sale of company's assets. Del Monte Foods, the 139-year-old company best known for its canned fruits and vegetables, is filing for bankruptcy protection as US consumers increasingly bypass its products for healthier or cheaper options. Del Monte has secured $US912.5 million ($A1.4 billion) in debtor-in-possession financing that will allow it to operate normally as the sale progresses. "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," CEO Greg Longstreet said in a statement. Del Monte Foods, based in Walnut Creek, California, also owns the Contadina tomato brand, College Inn and Kitchen Basics broth brands and the Joyba bubble tea brand. The company has seen sales growth of Joyba and broth in fiscal 2024, but not enough to offset weaker sales of Del Monte's signature canned products. "Consumer preferences have shifted away from preservative-laden canned food in favour of healthier alternatives," said Sarah Foss, global head of legal and restructuring at Debtwire, a financial consultancy. Grocery inflation also caused consumers to seek out cheaper store brands. And US President Donald Trump's 50 per cent tariff on imported steel, which went into effect in June, will also push up the prices Del Monte and others must pay for cans. Del Monte Foods, which is owned by Singapore's Del Monte Pacific, was also hit with a lawsuit last year by a group of lenders that objected to the company's debt restructuring plan. The case was settled in May with a loan that increased Del Monte's interest expenses by $US4 million annually, according to a company statement. Del Monte said that the bankruptcy filing is part of a planned sale of company's assets.
Perth Now
a day ago
- Business
- Perth Now
Canned goods firm Del Monte seeks bankruptcy protection
Del Monte Foods, the 139-year-old company best known for its canned fruits and vegetables, is filing for bankruptcy protection as US consumers increasingly bypass its products for healthier or cheaper options. Del Monte has secured $US912.5 million ($A1.4 billion) in debtor-in-possession financing that will allow it to operate normally as the sale progresses. "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," CEO Greg Longstreet said in a statement. Del Monte Foods, based in Walnut Creek, California, also owns the Contadina tomato brand, College Inn and Kitchen Basics broth brands and the Joyba bubble tea brand. The company has seen sales growth of Joyba and broth in fiscal 2024, but not enough to offset weaker sales of Del Monte's signature canned products. "Consumer preferences have shifted away from preservative-laden canned food in favour of healthier alternatives," said Sarah Foss, global head of legal and restructuring at Debtwire, a financial consultancy. Grocery inflation also caused consumers to seek out cheaper store brands. And US President Donald Trump's 50 per cent tariff on imported steel, which went into effect in June, will also push up the prices Del Monte and others must pay for cans. Del Monte Foods, which is owned by Singapore's Del Monte Pacific, was also hit with a lawsuit last year by a group of lenders that objected to the company's debt restructuring plan. The case was settled in May with a loan that increased Del Monte's interest expenses by $US4 million annually, according to a company statement. Del Monte said that the bankruptcy filing is part of a planned sale of company's assets.
Al Jazeera
a day ago
- Business
- Al Jazeera
Del Monte seeks bankruptcy protection as consumers turn away
Del Monte Foods, the 139-year-old company best known for its canned fruits and vegetables, is filing for bankruptcy protection as consumers in the United States increasingly bypass its products for healthier or cheaper options. Del Monte announced the bankruptcy filing late Tuesday. Del Monte, which also owns the Contadina tomato brand, College Inn and Kitchen Basics broth brands and the Joyba bubble tea brand, has secured $912.5m in debtor-in-possession financing that will allow it to operate normally as the sale progresses. The Walnut Creek, California-based brand has assets and liabilities ranging from $1bn to $10bn, according to a filing in a New Jersey bankruptcy court. '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,' CEO Greg Longstreet said in a statement. The company has seen sales growth of Joyba and broth in the 2024 fiscal year, but not enough to offset weaker sales of Del Monte's signature canned products. 'Consumer preferences have shifted away from preservative-laden canned food in favour of healthier alternatives,' Sarah Foss, global head of legal and restructuring at Debtwire, a financial consultancy, told the news agency The Associated Press. Grocery inflation also caused consumers to seek out cheaper store brands. Last month, the consumer price index report showed a 0.3 percent increase in the price of food and 2.2 percent compared with this time last year. Another blow is expected from US President Donald Trump's 50 percent tariff on imported steel. This went into effect in June and will also push up the price that Del Monte and others pay for cans. Del Monte Foods, which is owned by Singapore's Del Monte Pacific, was also hit with a lawsuit last year by a group of lenders that objected to the company's debt restructuring plan. The case was settled in May with a loan that increased Del Monte's interest expenses by $4m annually, according to a company statement. Del Monte's stock is about even from the market open, and it is up 4.62 percent over the last five days.
