UNITED STATES-MORE BAD NEWS FOR LARGEST POULTRY PROCESSOR.
Pilgrims Pride said it lost $228.8 million for the quarter ended Dec. 27. Sales fell to $1.9 billion, from $2 billion.. Pilgrim’s Pride, the nation’s largest chicken producer, is trying to emerge from Chapter 11 bankruptcy. It went bankrupt because of too much debt and bad bets made on corn prices. During the recent quarter, Pilgrim’s said it fired 265 corporate-level workers and plans to let go another 505 plant workers as it slows more production. The company said chicken prices have stabilized after falling in 2008 but still remain below historical levels and are not high enough yet to offset feed-grain costs.
