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Quantum Foods Files for Bankruptcy; Company Finalizing Sale

Negotiations in the works to sell business to CTI Foods Holdings.

Quantum Foods, which provides proteins for food service, military and retail outlets, voluntarily filed for Chapter 11 bankruptcy on Tuesday and is in the final stages of selling most of its business to Idaho-based CTI Foods, according to Fort Mill Times.

"Quantum Foods today filed a voluntary Chapter 11 petition in the District of Delaware to obtain the essential financing necessary to preserve continuity, to the greatest extent possible, for its customers, employees and business partners," the company said, adding it has secured a commitment for $60 million debtor-in-possession financing to fund its ongoing operations. 

The company also filed motions to ensure timely payment of wages and benefits for employees, according to Fort Mill Times.

“With enhanced financial backing, Quantum expects to fully deliver on its historic commitment to fulfilling the needs of our customers efficiently, safely and always with superior quality and service. We believe the completion of the sale process will enable us to focus effectively on caring for our customers, vendor partners and employees, who have all been incredibly supportive to the company,” Quantum Foods CEO, founder and owner Edward B. Bleka said in a statement.
John Q. Public February 19, 2014 at 12:29 AM
This is highly distressing!!!! Quantum makes some of THE best steaks in the business!! HOW could this happen????? You can bet your rear my family and I will be buying as many cases of assorted steaks that we can from their company store on Frontage Road!!!
Rae Sparrey Tsokatos February 19, 2014 at 12:41 PM
Poor management unfortunately . The company has been in distress for a number of years.
Victor Flores February 19, 2014 at 10:38 PM
Poor management indeed,too many Chiefs not enough Indians,over 90% of supervisors and personnel can't even speak english,can't communicate in spanish,it seems that the only language in Quantum is polish,there is no need to know anything but polish,as far as Quantum is concern.Please don't let me get started on human resources personnel in Quantum,yes you Carmen!! Quantum Foods is a billion dollar a year company,for this to happen is a BIG SHAME! Welcome CTI FOODS,looking forward to a brighter future

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