Dean Foods, the largest milk producer in the country, is filing for bankruptcy as dairy consumption continues to falter.
Company sales have dropped seven percent in the first half of this year, with profits falling 14 percent. CNN reports Dean Foods stock has lost 80 percent of its value. Walmart, once one of Dean Food’s biggest customers, dropped them last year after building its own dairy plant.
The company manufactures some of the most iconic milk and dairy products in the country, including Land O’ Lakes, Pet, and Dean’s Sour Cream Dip.
Company debt has made it difficult for Dean Foods to fund all of its worker pensions. In a statement, the company says it’s working with the Dairy Farmers of America cooperative on a potential deal in which the cooperative would buy almost all of the company.
Sales of cow’s milk has declined for the past four years. Over the past 52 weeks, white milk sales totaled around $12 billion dollars.