January 5, 2009

Fall of Pilgrim's Pride troubles its East Texas hometown

Pilgrim's Pride became the world's biggest chicken processor with 47,900 employees and annual sales of $8.5 billion. And the company became the economic engine of Pittsburg, Texas. and biggest employer. But on Dec. 1, Pilgrim's Pride announced that it was reorganizing under a Chapter 11 bankruptcy. From a two-year high of $40 a share, the stock price has fallen to less than 70 cents.

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