FCF, the Taiwanese fish supply chain company that owns Bumble Bee tuna has filed for bankruptcy on Thursday after facing what the company called "recent and significant legal challenges."
According to FCF Company, they plan to put in a $925 million bid for the assets and the deal is expected to be completed within 90 days.
Bumble Bee CEO Jan Tharp said in a statement that "it's been a challenging time for our company," but the move should allow the brand to continue business as usual.
"Employees will get paid, our customer partners can count on us to continue delivering outstanding brands and services, and vendors will be paid in the ordinary course of business," he said. In addition to canned tuna, Bumble Bee sells sardines, clam juice and other fish products.
According to an article a November 22nd article written by CNN Business reporter Danielle Wiener-Bronner, major grocery chains, including Walmart, Kroger and Albertsons, sued Bumble Bee, Starkist and the maker of Chicken-of-the-Sea in 2016 for fixing prices. In 2017, Bumble Bee agreed to plead guilty for its role in the conspiracy and to pay a $25 million criminal fine.
CNN Business reporter Danielle Wiener-Bronner said last year, a federal grand jury indicted Christopher Lischewski, then the company's CEO, in connection with a packaged seafood price-fixing scam.
Proceedings stemming from the incident have led to the "spending tens of millions of dollars in defense costs" that hurt the business, said Danielle Wiener-Bronner.
**INFORMATION CREDIT:** CNN Business Reporter Danielle Wiener-Bronner
**IMAGE CREDIT:** bumblebeetuna.com