Central Valley Turkey Producer 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 that normal operations won’t be affected.

Comments

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Sacramento

Tickets to aftershock now on sale
Follow Us On Facebook

Listen Live