Posted on Thursday, April 5th, 2012 at 1:51 pm
The Pennsylvania-based ground beef producer, AFA Foods Inc., has recenlty filed for bankruptcy. Although officials with the company have stated that they have experienced financial issues for quite some time, the recent claims of the company filling their meat products with “pink slime” has also been an issue.
Pink slime is beef filler that is very finely textured and the use of it in ground beef products was recently exposed. According to officials in the supermarket industry, in March, consumers began to avoid buying ground meat whether there was pink slime fillers or not.
Supermarkets began to ask their suppliers to stop using the pink slime. AFA Foods felt the decrease in ground beef sales even more than most meat producers because they do not have any other type of meat to fall back on such as chicken or pork, they solely produce ground beef. AFA has listed assets totaling to $219.6 million and debts up to $197.3 million.
If you or loved one has been struggling with the financials of your company, contact the Joliet bankruptcy lawyers of the Law Office of Stuart B. Handelman today by calling 815-722-2201 and discussing the best options for you and your business.