Dairy company Borden, one of the oldest and largest milk producers in the U.S., filed for Chapter 11 bankruptcy yesterday (January 6th).
According to Pulse of Radio, the company is citing falling demand for milk, rising costs for raw milk, and debt and pension obligations. Borden, whose iconic mascot is Elsie the Cow, goes back to 1857.
Borden CEO Tony Sarsam said in a statement, “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. These challenges have contributed to making our current level of debt unsustainable.”
Borden said it plans to continue operations during the bankruptcy process.