Posted October 30, 2013
Allens Inc., a company that makes canned and frozen
vegetables, filed a Chapter 11 petition for bankruptcy in Fayetteville,
Arkansas on Monday, according to a Bloomberg article available here.
The family-owned business, Allens Inc., began as Allen
Canning Co. near Siloam Springs, Arkansas in 1926. The Chapter 11 petition lists more than $100
million in debt and assets, seeking to sell some divisions and reorganize a new
company.
The company intends to keep operating its canned
vegetable business while reorganizing.
In a statement, the company said it wanted to become a stronger and more
competitive business, according to an article by the Associated Press available
here.
It is seeking a buyer for its frozen vegetables operations in Montezuma,
Georgia.
Josh Allen, President of Allens Inc. said, “We remain
firmly committed to serving our customers and providing consumers with
great-tasting affordable and high-quality vegetables…We appreciate the support
of our suppliers and the ongoing dedication of our employees, whose hard work
is critical to the future of our business.”
For more information on bankruptcy law, please visit
the National Agricultural Law Center’s website here.
