An iconic grocery brand sold in supermarkets throughout the U.S. has filed for bankruptcy.

Del Monte Foods filed for Chapter 11 bankruptcy this week, the chain announced in a press release.

Greg Longstreet, president and CEO of Del Monte Foods, said the bankruptcy and restructuring plans is a “strategic step forward.”

“After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods,” Longstreet said. “With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success.”

All of the California-based company’s assets will be sold. In addition to its namesake Del Monte brand of canned vegetables and fruits, it also makes College Inn broths, tea brand Joyba and Contadina canned tomatoes.

Longstreet attributed the company’s financial struggles to the “dynamic macroeconic environment but added “ Del Monte Foods has nourished families for nearly 140 years, and we remain committed to our mission of expanding access to nutritious, great-tasting food for all. I am deeply grateful to our employees, growers, customers and vendors, as well as our lenders for their support in helping us achieve our long-term goals.”

Del Monte has secured $912.5 million in new funding that will allow it to continue operations during the sales process.