November 27, 2019 — Something fishy is going on.
Bumble Bee Foods, LLC — renowned as for its Bumble Bee canned tuna products — filed for Chapter 11 bankruptcy protection on Thursday, years following a Department of Justice investigation which found evidence of a massive price-fixing scheme by the San Diego-based company.
Taiwanese fish supply chain company FCF Co. plans to put in a $925 million bid for the assets in a deal to be completed within 90 days, CNN reported.
“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,” Bubble Bee president and CEO Jan Tharp said in a statement.
A staple of American kitchen for over a century, the Bumble Bee brand has been in troubled waters over the past few years.