B&G Foods, Inc. Reports Impairment Charges for the Fourth Quarter Ended December 30, 2023
February 27, 2024 at 04:05 pm EST
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B&G Foods, Inc. reported impairment charges for the fourth quarter ended December 30, 2023. During the fourth quarter of 2023, the company recorded pre-tax, non-cash impairment charges of $20.5 million related to intangible trademark assets for the Baker?s Joy, Molly McButter, Sugar Twin, and New York Flatbreads brands.
B&G Foods, Inc. manufactures, sells and distributes branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. Its products include frozen and canned vegetables, vegetable, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, and other specialty products. It operates in four segments: Specialty, Meals, Frozen & Vegetables and Spices & Flavor Solutions. Its products are marketed under various brands, including Ac'cent, B&G, B&M, Baker's Joy, Bear Creek Country Kitchens, Brer Rabbit, Canoleo, Cary's, Clabber Girl, Cream of Rice, Cream of Wheat, Crisco, Dash, Davis, Devonsheer, Don Pepino, Durkee, Grandma's Molasses, Green Giant, Joan of Arc, Las Palmas, Le Sueur, MacDonald's, Mama Mary's, Maple Grove Farms of Vermont, McCann's, Molly McButter, New York Flatbreads, New York Style, Old London, Polaner, and Wright's.