As the 1990s began, the movie industry was generating more revenue from the sale of VHS movie tapes than movie tickets, Movieweb reported. Related: Popular Dairy Queen rival franc

Del Monte Foods, a 138-year old company, filed for Chapter 11 bankruptcy on Thursday. The company is headquartered in Walnut Creek, California, and operates six production facilities across the U.S., and two in Mexico. The company is now looking for a buyer with plans to sell off all of its assets.

Del Monte Foods announced this week it is voluntarily filing for Chapter 11 bankruptcy and looking to sell its company to a new owner to help "strengthen" its financial standing. The 139-year-old canned and packaged foods company,