Borden Dairy, the more than 150-year-old company that first began delivering milk in bottles and built one of the nation’s most recognized brands, has filed for bankruptcy.
The Chapter 11 filing is a major development for the company, which comes nearly two months after Dean Foods, owner of Land O’Lakes and Tuscan, filed for bankruptcy on November 20. CEO Tony Sarsam said it will be “business as usual” as Dallas-based Borden Dairy Co. reorganizes in an industry that typically says “Got Milk?”
Americans consumed 197 pounds of fluid milk per capita in 2000, but that fell below 150 for the first time in 2018 at 146 pounds, according to the United States Department of Agriculture. Fluid beverage milk sales dropped to 47,672 million pounds in 2018 from 50,041 in 2015. Variations on milk are proliferating as soy, rice, almond, coconut and cashew or “milk-less milks” are chasing conventional milk.
Read the source article at forbes.com
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