In today’s economy, no one and nothing is safe. This is never more evident than the announcement that Campbell’s Soup may very well be just a fond memory.
The soup company has been around for over 200 years, and their products were always there to warm us up on those cold, blustery days. Or when we had a cold, their chicken noodle soup made everything a little more tolerable. What will children of today do without Campbell’s soup? For generations, the soup has been a household staple but now it would seem the beloved soup’s time is short.
What not only turned out to be an all-out vicious fight between the company and its shareholders also brought to light some uncomfortable financial details. First and foremost, today’s consumers are not buying soup near as often as their ancestors. Today’s consumers want a more natural option, and when it comes to a canned soup, this is just not a viable option, so Campbell’s just never adjusted to the demand.
In an effort to stay relevant, and keep the company’s head above water, Campbell’s started buying up other brands, in order to diversify and branch out. However, this plan didn’t quite work as smoothly as hoped, as Campbell’s found themselves in debt to the tune of $9 billion, and there seems to be no indication this debt will end anytime soon.
With the Dorrance family controlling 40% of the stock, they do not want to change the company at this time. The remaining shareholders are demanding something change, or the company is most definitely headed down a road that will end with it being just a distant memory. Some of the changes suggested include the logo, a more modern set of recipes, and even the ditching of the iconic red and white can wrappers.
The company is currently in a lawsuit that states that it was mismanaged. Only time will tell if a cup of hot Campbell’s Soup, which is Mm good, will still be around to enjoy.