Canner Allens files for bankruptcy
Posted: October 28, 2013 at 1:11 p.m.
A Siloam Springs-based canning company on Monday filed for Chapter 11 bankruptcy.
In documents filed with the U.S. Bankruptcy Court for the Western District of Arkansas, Allens Inc. listed more than 3,600 creditors. It said it has assets estimated between $100 million and $500 million and estimated liabilities within that same range.
Allens said in a statement on its website that the company "will continue to operate normally" during the "financial restructuring."
“Allens has a long and proud history and we intend to use the reorganization process to become a stronger, more competitive business,” President and CEO Josh Allen said in the statement. “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.”
The statement noted the company will explore a sale of "all or part of the operating business." The company is looking for a buyer for its frozen vegetable business in Montezuma, Ga. that operation focuses on frozen breaded and Southern-style vegetables.
Allens earlier this year consolidated some of its Van Buren operations into a Siloam Springs plant, resulting in some layoffs and affecting about 150 workers.
In 2011, the company ended merger talks with a New York-based company without reaching a deal and in March 2012 said it would sell most of its frozen vegetables division to a French company.
In 2012, the company reported operating more than a dozen facilities and distribution centers in several states and said it employed about 1,700 people.