B&G Foods Announces Reduction in Workforce

  
    
  
  
    
      B&G Foods, Inc. (NYSE: BGS, BGF), a manufacturer and distributor of high 
      quality, shelf-stable foods, announced today that it has begun 
      implementing a reduction in workforce that will reduce the Company’s 
      workforce by approximately 7.5%. On a pre-tax basis, B&G Foods expects 
      that the reduction in workforce will save the Company an estimated $3.7 
      million on an annualized basis. The Company expects to record severance 
      and termination charges of approximately $0.8 million in the fourth 
      quarter of 2008. Substantially all of these charges will result in cash 
      payments. These payments will be made during the remainder of 2008 and 
      in 2009.
    
    
      David L. Wenner, President and Chief Executive Officer of B&G Foods 
      stated, “We have been operating in one of the 
      most challenging economic environments in the history of our Company. 
      Although this was a very difficult decision, it was necessary in order 
      to maintain the stability of our operating results for the remainder of 
      2008 and 2009. We have also been making every effort to raise prices and 
      institute non-personnel related cost savings, but unfortunately the 
      unprecedented cost increases we have experienced this year and expect to 
      face next year required this action.”
    
    
      B&G Foods also announced the resignation of Albert J. Soricelli, the 
      Company’s Executive Vice President of 
      Marketing and Strategic Planning. Vanessa E. Maskal, currently the 
      Company’s Executive Vice President of Sales, 
      will assume Mr. Soricelli’s marketing 
      responsibilities and her new title will be Executive Vice President of 
      Sales and Marketing.
    
    
      “Mr. Soricelli has been an important member of 
      our management team for over eight years,” 
      said Mr. Wenner. “During that time, the 
      Company made four acquisitions and signed an important licensing 
      agreement with Emeril Lagasse. Mr. Soricelli played a key role in each 
      transaction and, as Executive Vice President of Marketing, was 
      instrumental in our success at reviving the acquired brands. Mr. 
      Soricelli was also an important participant in the Company’s 
      public offerings of EISs and separately held Class A Common Stock. His 
      contributions to the Company are greatly appreciated.”
    
    
      About B&G Foods, Inc.
    
    
      B&G Foods and its subsidiaries manufacture, sell and distribute a 
      diversified portfolio of high-quality, shelf-stable foods across the 
      United States, Canada and Puerto Rico. B&G Foods’ 
      products include hot cereals, fruit spreads, canned meats and beans, 
      spices, seasonings, marinades, hot sauces, wine vinegar, maple syrup, 
      molasses, salad dressings, Mexican-style sauces, taco shells and kits, 
      salsas, pickles, peppers and other specialty food products. B&G Foods 
      competes in the retail grocery, food service, specialty, private label, 
      club and mass merchandiser channels of distribution. Based in 
      Parsippany, New Jersey, B&G Foods’ 
      products are marketed under many recognized brands, including Ac’cent, 
      B&G, B&M, Brer Rabbit, Cream of Rice, Cream of Wheat, Emeril’s, 
      Grandma’s Molasses, Joan of Arc, Las Palmas, 
      Maple Grove Farms of Vermont, Ortega, Polaner, Red Devil, Regina, Sa-són, 
      Trappey’s, Underwood, Vermont Maid and 
      Wright’s.
    
    
      Forward-Looking Statements
    
    
      Statements in this press release that are not statements of 
      historical or current fact constitute “forward-looking 
      statements.” The forward-looking 
      statements contained in this press release include without limitation 
      statements related to the estimated annualized cost savings we expect as 
      a result of the reduction in workforce and the estimated severance and 
      termination charges we expect to incur in the fourth quarter. Such 
      forward-looking statements involve known and unknown risks, 
      uncertainties and other unknown factors that could cause the actual 
      results of B&G Foods to be materially different from the historical 
      results or from any future results expressed or implied by such 
      forward-looking statements. In addition to statements that explicitly 
      describe such risks and uncertainties readers are urged to consider 
      statements labeled with the terms “believes,” 
      “belief,” “expects,” 
      “intends,” “anticipates” 
      or “plans” to be 
      uncertain and forward-looking. The forward-looking statements contained 
      herein are also subject generally to other risks and uncertainties that 
      are described from time to time in B&G Foods’ 
      filings with the Securities and Exchange Commission, including under 
      Item 1A, “Risk Factors” 
      in our Annual Report on Form 10-K for fiscal 2007 filed on March 6, 2008. 
      We undertake no obligation to publicly update or revise any 
      forward-looking statement, whether as a result of new information, 
      future events or otherwise.