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 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, also owns the Contadina tomato brand, College Inn and Kitchen Basics broth brands and the Joyba bubble tea brand.

Grocery inflation also caused consumers to seek out cheaper store brands. And President Donald Trump’s 50% tariff on imported steel, which went into effect in June, will also push up the prices Del Monte and others must pay for cans.

Trump, Vietnam hash out a tariff plan

President Donald Trump announced a trade deal with Vietnam on Wednesday that would allow U.S. goods to enter the country duty-free. Vietnamese exports to the United States, by contrast, would face a 20% levy.

In April, Trump announced a 46% tax on Vietnamese imports — one of his so-called reciprocal tariffs targeting dozens of countries with which the United States runs trade deficits. Trump promptly suspended the reciprocal tariffs for 90 days to allow for negotiations like the one with Vietnam.

The pause expires Tuesday, but so far the Trump administration has reached a trade agreement with only one of those countries — the United Kingdom. (Trump has also reached a “framework’’ agreement with China in a separate trade dispute.)

“Vietnam has been very keen to get out from under this,’’ said Mary Lovely, senior fellow at the Peterson Institute for International Economics. “This is forcing a smaller country to eat it, basically. We can do that. It’s the big countries that everybody’s keeping their eyes on.’’ She doubts that Trump will be able to impose such a lopsided agreement on big trading partners such as the European Union and Japan.

Tesla sales plunge amid Musk boycott

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 CEO would have faded by now.

The 13% sales plunge over a year earlier suggests Musk’s embrace of President Donald Trump and far-right politicians in Europe has had a deep and enduring impact on Tesla’s brand appeal.

The new figures reported by Tesla on Wednesday also show rival electric-vehicle makers have wasted no time pouncing on the company’s weakness to steal market share, and they signal 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 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.

Microsoft’s latest layoffs affect Xbox

Microsoft is laying off thousands of workers, its second mass layoff in months and its largest in more than two years.

The tech giant began sending out layoff notices Wednesday that hit the company’s Xbox video game business and other divisions.

Among those losing their jobs are 830 workers tied to Microsoft’s headquarters in Redmond, Washington, according to a notice sent to state officials Wednesday. The company won’t say the total number of layoffs except that it was about 4% of the workforce it had a year ago.

Microsoft said the cuts will affect multiple teams around the world, including its sales division, part of “organizational changes” needed to succeed in a “dynamic marketplace.”

Compiled from Associated Press reports.