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.
(Copyright 2012 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
