Bumble Bee Foods, the canned seafood brand, filed for bankruptcy protection — crushed by the weight of legal expenses “stemming from its involvement in a conspiracy to fix prices on canned tuna,” as the Wall Street Journal reports.
The state of play: It also plans to sell its assets to Taiwan-based FCF Fishery Co. for $925 million.
Bumble Bee's current owner, private equity firm Lion Capital, bought the company for $980 million in 2010.
The bottom line: Bumble Bee’s sales took a hit as consumer appetite for canned tuna waned. But ultimately its scheme with competing brands to keep prices of canned tuna artificially high — which drew a hefty criminal fine and customer lawsuits — pushed the company into bankruptcy.
