This is what I found on CBSNEWS.COM:
Dean Foods, America’s biggest milk producer, filed for Chapter 11 bankruptcy protection Tuesday. Following the surge in popularity of milk alternatives in recent years, the company’s sales have plummeted.
The Dallas-based company is responsible for some of the country’s most recognizable brands, including DairyPure, Friendly’s and Land O’Lakes. It said in a press release that it plans to use the bankruptcy process to continue running its business, address debt, and pay currently unfunded pensions to its employees.
The 94-year-old company also announced that it plans to look for a buyer. It is in talks with Dairy Farmers of America, Inc., a national milk marketing cooperative owned by thousands of farmers, regarding a potential sale.
“The actions we are announcing today are designed to enable us to continue serving our customers and operating as normal as we work toward the sale of our business,” said Eric Beringause, Dean Foods President and Chief Executive Officer. “We have a strong operational footprint and distribution network, a robust portfolio of leading national brands and extensive private label capabilities, all supported by approximately 15,000 dedicated employees around the country. Despite our best efforts to make our business more agile and cost-efficient, we continue to be impacted by a challenging operating environment marked by continuing declines in consumer milk consumption. Importantly, we are continuing to provide customers with an uninterrupted supply of high-quality dairy products, as well as supporting our dairy suppliers and other partners.”
Information provided by CBSNEWS.COM.
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