Del Monte Foods, the 139-year-old company best known for its canned fruits and vegetables, is filing for bankruptcy protection as U.S. 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 a sale progresses.

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.

Del Monte said late Tuesday that the bankruptcy filing is part of a planned sale of company assets. — Associated Press