Goya Foods ending sponsorship of NYC parade after 60 years

Goya Foods has decided not to sponsor New York City's annual Puerto Rican Day parade, calling the move a business decision.

Jersey City, New Jersey-based Goya Foods had sponsored the parade every year for its 60-year existence, including the first parade in 1958. Parade organizers say they're disappointed in the decision, which they say will jeopardize the 100 college scholarships the parade provides to students.

Remaining sponsors for the parade include AT&T, Coca Cola and the New York Yankees.

The June 11 parade will honor Puerto Rican nationalist Oscar Lopez Rivera. He was a member of the ultranationalist group Armed Forces of National Liberation, or FALN, that claimed responsibility for more than 100 bombings across New York, Chicago, Washington and Puerto Rico in the 1970s and early 1980s.

Parade organizers say they do not condone violence.