76 Days And $45 Million Later

Menu Foods is losing at least $45 million.

Menu Foods’ massive recall of pet food will cost the company at least $45 million, and that doesn’t take into account the drop in future sales or legal settlements not covered by insurance, the Ontario-based company estimates.

The projected loss is in the Streetsville company’s latest financial statement, which showed the recall cost it a third of its sales and all its profit in the first quarter.

But they still don’t get it.

“Menu, along with several other pet food manufacturers in the United States, were the victims of a terrible fraud, and the [Menu Foods Income] Fund’s results for this quarter reflect the costs,” the company said in a statement.

Once again they prove they are more concerned with the viability of “the fund” rather than the pets who died because people believed their product was safe.

Sure, Menu Foods had no idea their ingredients were tainted, but the real victims here are the thousands of pets who were poisoned, not the shareholders of the Menu Foods Income Fund.

Before too long, those share prices will be right back to where they were before the melamine contamination.

Where will the pets be?

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