Americans are drinking less milk—and the industry is reeling.
Borden produces nearly 500 million gallons of milk each year for groceries, schools and others. It: Borden Dairy, one of the oldest milk processors in the U.S., filed for bankruptcy on Monday, making it the second large milk seller in nearly two months to restructure amid rising raw milk costs and lackluster consumer demand.
Borden Dairy said in a statement that it filed for Chapter 11 bankruptcy protection because its debt levels are unsustainable and the company has been impacted by the “rising cost of raw milk and market challenges facing the dairy industry.” Borden Dairy will remain in business through the bankruptcy proceedings, but it is unclear if the company will look for a seller or go out of business afterwards.bankruptcy in November over similar trends in the dairy industry. “Despite our numerous achievements during the past 18 months, the Company continues to be impacted by the rising cost of raw milk and market challenges facing the dairy industry,” Borden CEO Tony Sarsam said in a statement.
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One of America's oldest and largest milk producers files for bankruptcyBorden Dairy Co., one of America's oldest and largest dairy companies, on Monday became the second major milk producer to file for bankruptcy in the last two months.
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