Arkansas Business: Allens of Siloam Springs files bankruptcy

    7:11 AM, Oct 29, 2013   |    comments
    • Share
    • Print
    • - A A A +

    LITTLE ROCK, Ark. (Arkansas Business) -- The S&P 500 closed at another all-time high Monday, but only by a small margin.

    This, after good news from J.C. Penney offset disappointing earnings from a few U.S. companies.

    Shares of J.C. Penney, which has been struggling after a failed turnaround effort by a former CEO, rose the most in the index after the retailer's new chief executive said sales were improving.

    Looking ahead, investors will be watching the Federal Reserve for more insight about the U.S. economy.

    Analysts don't expect to see any big changes come out of a meeting of Fed policymakers this week.

    The central bank will release a statement Wednesday afternoon after its meeting finishes.

    The Fed is currently buying $85 billion in bonds every month to help keep long-term interest rates low and to encourage borrowing, spending and hiring.

    Allens of Siloam Springs files bankruptcy

    Allens Inc. of Siloam Springs, an 87-year-old family owned vegetable processor and food-service provider, has filed Chapter 11 bankruptcy.

    The company, which employs more than 900 people in Arkansas and more than 1100 people around the country, is claiming debts of at least $100 million.

    In a news release accompanying the filing, the company's CEO said the firm is looking to sell its frozen vegetables business.

    It's also exploring other strategic moves, including selling other parts of the company, but says it ultimately wants to remain in business and focus on its core vegetable canning business.

    Allens entered the frozen foods business in 2006 with its purchase of Birds Eye Foods Inc. It's been slimming operations since at least 2011, selling plans and consolidating operations.

    Earlier this year, Arkansas Business ranked Allens the 23rd largest private company in Arkansas, with $420 million in 2012, down 30 percent from 2011.

    Most Watched Videos