As children, I think it’s safe to say we all remember Elsie the Cow, the mascot for Borden milk. But now the second-largest milk seller in the United States has filed for bankruptcy.
Per multiple media sources, Borden which was founded 160 years ago, filed for Chapter 11 bankruptcy and listed assets at approximately $100 million and debt at $500 million.
The dairy industry has been hit especially hard this year not only because of consumers focusing on alternatives such as soy and almond milk, but also because of the trade war with China.
Raw materials have increased to 27% since January 2019, but the prices of milk continues to drop. Even Dean Foods filed for bankruptcy in November, the rival to Borden.
In the bankruptcy filing, Borden reveals a loss of more than $42 million last year and overall sales decreased by $14.6 million.
Have questions about a Chapter 7 bankruptcy, then call or text Attorney Alex Hernandez today to schedule your free consultation. Saturday appointments available as well.
Representing clients in the areas of Chapter 7 Bankruptcy, Family Law/Divorce, and car and motorcycle accidents for 20 years.
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