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Kraft Heinz writes down its Kraft and Oscar Mayer brands

Packages of Oscar Mayer Classic wieners are displayed at Scotty's Market on April 21, 2014 in San Rafael, California. Justin Sullivan/Getty Images

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Once upon a time, America spelled cheese K-R-A-F-T, and Oscar Mayer had a way with B-O-L-O-G-N-A. But lately, those brands haven’t been doing well for their owner, Kraft Heinz. The packaged-foods giant announced that it’s writing down the value of Kraft and Oscar Mayer by more than $15 billion. In today’s market, those iconic brands just aren’t what they used to be.

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