Private Equity-Backed Snack Maker Hearthside Files Bankruptcy

Hearthside Food Solutions, a snack producer that was mired in a child labor scandal last year, filed for bankruptcy after struggling to refinance its debt.

The privately-owned company, which makes food ranging from frozen burritos to crackers, filed for Chapter 11 in Texas on Friday, listing assets and liabilities of between $1 billion and $10 billion. Bloomberg had reported earlier this week that Hearthside was planning to file for bankruptcy.

The company has entered into a restructuring agreement with its lenders and equity owners to “right size” its balance sheet, it said in a Friday statement. The deal ...