California News

Oct 10, 2012 2:45 PM by The Associated Press

Turkey-producer Zacky Farms files for bankruptcy

FRESNO, Calif. (AP) - One of the largest turkey producers in the nation, Zacky Farms, has filed for bankruptcy, blaming the soaring price of feed.

The Fresno-based family business filed a Chapter 11 petition on Tuesday. The company says it has between $50 million and $100 million in debts.

Zacky says its problems stem from the price of corn and soybean meal, which has nearly doubled in recent years. The company says it spends about $1.8 million a week to feed some 2.5 million birds.

Zacky has about 1,000 California employees. The company will be auctioned off by mid-January, after the main turkey-selling holidays of Thanksgiving and Christmas.

Zacky's chief restructuring officer, Keith Cooper, tells the Fresno Bee that normal operations won't be affected.

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