Campbell’s Soup, an iconic American brand, is facing uncertainty as reports suggest it may be shutting down. The company, which has been around for nearly two centuries, is struggling with $9 billion in debt after attempting to diversify by acquiring other companies.
The Dorrance family, which owns 40% of Campbell’s, is resisting changes proposed by hedge fund manager Daniel Loeb of Third Point, who owns 7% of the company’s stock. Loeb has pushed for a rebrand, including altering the classic red and white cans, and even filed a lawsuit accusing Campbell’s of mismanagement. A recent agreement to add two of Loeb’s proposed directors to the board hints at potential changes ahead as the company navigates its financial challenges.
