The company, founded in 1886, said it was voluntarily initiating Chapter 11 proceedings, citing mounting debt, economic headwinds and consumer spending shifts.

Del Monte Foods announced July 1 it started Chapter 11 bankruptcy proceedings. The company said it plans to continue operations as usual during the bankruptcy process. Del Monte Foods announced July 1 it has started Chapter 11 bankruptcy proceedings.

Del Monte Foods, producer of canned fruits and vegetables, initiatied Chapter 11 proceedings on Monday and is seeking a buyer.