logo

New York Times: Campbell's soup is reportedly in big financial trouble

Manuela Cardiga
Dec 01, 2018
03:05 A.M.

Devotees of Campbell's canned soups might be wise to buy a few cartons of their favorite flavor before the company discontinues the product.

Advertisement

For the last 200 years, Campbell's has become synonymous with soup. Whatever the favorite, from chicken noodle to the best selling tomato soup, Campbells is as American as apple pie and almost as popular.

On November 16, 2018, the New York Times revealed that Campbell's in deeply in the red with a corporate debt of $9 billion.

Advertisement

HEALTH FOOD CRAZE REDUCED CANNED SOUP SALES

The drastic fall of canned soup sales prompted the company to diversify and buy up other companies in a bid to remain profitable.

The mounting debt has shareholders battling for control of the company, and to implement some much-needed changes to the famous Campbell soups - from recipes to the traditional red and white label.

Advertisement

PRESERVING THE COMPANY WILL MEAN RADICAL CHANGES

Putting the squeeze on the Dorrance family who owns 40% of Campbell's, is Daniel Loeb. Loeb is a worth $3.1 billion, and he runs Third Point, a hedge fund that holds 7% of Campbell's stock. Loeb advocates radical changes across the board to make Campbell's profitable and viable.

Advertisement

The mounting debt has shareholders battling for control of the company, and to implement some much-needed changes to the famous Campbell soups - from recipes to the traditional red and white label.

Advertisement

THE DORRANCE FAMILY LOSES CONTROL OF THE BOARD OF DIRECTORS

Faced with Loeb's determination to evolve the company and the product, the Dorrance family has agreed to two of the directors nominated by Third Point, and to allow the hedge fund a say in the nomination of the next CEO.

If the new board of directors decides that Campbell's Soup is no longer viable, Americans can bid a sad farewell to one more fond childhood memory.

Read more on Twitter Amomama USA.

Advertisement

MAKING CAMPBELL'S SOUP INTO ART

It may come to pass that future generations will have to take a stroll through MoMA to catch a glimpse of the iconic Campbell's Soup can.

Luckily, controversial pop artist Andy Warhol used images from consumer culture in his art, and one of these immortalized objects was a can of Campbell's Soup.

“I used to drink it. I used to have the same lunch every day, for 20 years, I guess, the same thing over and over again.”

Andy Warhol

Campbell's Soups may be struggling to stay afloat, but Warhol's depictions of the iconic cans are a hot selling item.

Advertisement
Source: Getty Images/ Andy Warhol

Source: Getty Images/ Andy Warhol

In 2016, Warhol’s "Small Torn Campbell Soup Can" was sold at auction for a staggering $11,776,000 - a record for a painting from the Campbell Soup Can series.

$11,776,000 for a can of soup. What would Daniel Loeb say to that?

Advertisement
info
Please fill in your e-mail so we can share with you our top stories!
By subscribing, you agree to our Privacy Policy
Advertisement
Related posts

Man Mocks Boy Reading Aloud on Plane, Begs Pardon by the End of the Flight — Story of the Day

April 20, 2022

Woman Returns Home from Work and Finds Out Son She Left with His Stepfather Has Disappeared— Story of the Day

May 03, 2022

Is Rohan Campbell Single? Get to Know 'The Hardy Boys' Rising Star Who Seems to Have a Girlfriend

April 07, 2022

Max Baer Jr Had an Irreversible Loss in His Love Life & Furiously Defended His Famous Father's Image

March 04, 2022

Todd Chrisley’s ‘Perfect’ Daughter Once Accused Him of Attempted Extortion Yet He Promised to Always Love Her

February 16, 2022

Sons Learn Their Old Mom Gave Her $3.7M Mansion to Young Man Who Isn’t Her Child — Story of the Day

February 18, 2022

Who Is the Father of Naomi Campbell's Daughter? The Top Model Shared Rare Details about Her Baby

May 23, 2022

Man Rescues Abandoned Baby but Is Barred from Adopting Her, Reunites with Her 22 Years Later

March 06, 2022

Rich Man Calls Cops on Homeless Sleeping on His Street, Daughter Learns This and Quickly Leaves — Story of the Day

March 01, 2022

‘Webster’s Susan Clark & Alex Karras’ 32-Year Marriage after Susan Made Alex an Ultimatum about His Wife

March 30, 2022

Wanting to Be a Lifeguard Like Late Dad, Boy Saves Drowning Girl & Gets a Box from Her Mom Later — Story of the Day

March 29, 2022

Todd Chrisley Decided to Never Reconcile with Daughter Who Has Not Talked to the Family in a Long Time

March 19, 2022

Company Loses $8 Million under Director’s Order, He Blames the Clerk Later

April 18, 2022

Waitress Gives Food to Homeless Man Every Day after She Recognizes His Boots from Her Childhood — Story of the Day

January 27, 2022