Del Monte Foods is filing for bankruptcy protection as consumers increasingly bypass its products for healthier or cheaper options.

For 139 years it has been a major, familiar and beloved company marketing canned fruits and vegetable.

Del Monte has secured $912.5 million US in debtor-in-possession financing that will allow it to operate normally as the sale progresses.

"After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods," chief executive officer Greg Longstreet said in a news release.

In Canada it is now owned by Kraft-Heinze after Nabisco merged with them and after it had purchased the Canadian rights to Del Monte.