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How The Nation’s Biggest Peach Grower Went Bankrupt

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In this aerial view, workers pick the last crop of peaches from the trees at Pearson Farm on July 24, 2023 in Fort Valley, Georgia.  (Photo Joe Raedle/Getty Images)

The nation’s largest grower of stone fruit, Prima Wawona, is shutting down leaving 5,400 workers out of a job. Four years ago, a private equity firm bought up two major stone fruit growers in Fresno to create the peach power house, which claimed it produced five times more peaches than the entire state of Georgia. Last fall, Prima Wawona shocked the Fresno community by declaring bankruptcy, blaming too much debt, bad weather, and rising costs among other factors. The former CEO has since sued the company claiming the failure was caused by poor management and unnecessary spending on consultants. We’ll talk about what the company’s stunning demise means for Fresno and what the increased interest from private equity in agriculture means for the future of farming in California.

Guests:

Antonio De Loera-Brust, director of communications, United Farm Workers

Daniel Gligich, senior reporter, The San Joaquin Valley Sun

Rod James, reporter covering private equity, The Wall Street Journal

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