Dean Foods, America's biggest milk producer, says it has filed for Chapter 11 bankruptcy protection.
Dean Foods also said that it is engaged in “advanced discussions” with Dairy Farmers of America about selling “substantially” all of its assets. Even if both parties agree to the sale, the transaction would be subject to receiving higher or better offers while the company is in bankruptcy.
Dean Foods’ business has struggled as more consumers turn to nondairy milk or buy private label products. Consumption of milk has fallen 26 percent in the last two decades.
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