Turkey-producer Zacky Farms files for bankruptcy
FRESNO, Calif. (AP) -- One of the largest turkey producers in the nation, Zacky Farms, has filed for bankruptcy, blaming the soaring price of feed.
The Fresno-based family business filed a Chapter 11 petition on Tuesday. The company says it has between $50 million and $100 million in debts.
Zacky says its problems stem from the price of corn and soybean meal, which has nearly doubled in recent years. The company says it spends about $1.8 million a week to feed some 2.5 million birds.
Zacky has about 1,000 California employees. The company will be auctioned off by mid-January, after the main turkey-selling holidays of Thanksgiving and Christmas.
Zacky's chief restructuring officer, Keith Cooper, tells the Fresno Bee (http://bit.ly/QdzRrd) that normal operations won't be affected.
Information from: The Fresno Bee, http://www.fresnobee.com
Copyright 2012 The AP.