Pilgrim’s Pride poultry processor suffered a $228,782,000 loss in the first quarter ended 27 December. This compares with a $32,329,000 loss in the same period of the previous year.
According to the chicken processor, high feed prices and low asking price of poultry products are the main reasons for this loss. This consequently led to Pilgrim’s Pride filing for Chapter 11 bankruptcy in December of 2008.
“We continue to review and evaluate various restructuring and other alternatives to streamline our operations, improve efficiencies and reduce costs. Such initiatives may include selling assets, idling facilities, consolidating operations and functions, relocating or reducing production and voluntary and involuntary employee separation programmes,” said the company.