US canned seafood giant Bumble Bee Foods is planning on filing for Chapter 11 bankruptcy protection and place itself for sale, according to a report in the Wall Street Journal. The Journal, citing people familiar with the matter, said legal costs stemming from the company's tuna price-fixing and class-action lawsuits were behind the company's financial woes. Thai Union struck a deal with the DOJ in 2017, and Starkist plead guilty in October 2018. Bumble Bee and private equity owner Lion Capital declined to comment to the Journal on the reports of its impending bankruptcy filing. In April, Bumble Bee reportedly began its hunt for a buyer for its Clover Leaf Seafood brand, though sales rumors have swirled around Bumble Bee for several years.

Source: Wall Street Journal November 17, 2019 00:24 UTC