America's largest milk producer files for bankruptcy
America's largest milk producer has confirmed it will be filing for bankruptcy.
Dean Foods has been running for 94 years but company sales fell by 7% in the first half of the year.
It produced brands including Dairy Pure, Organic Valley and Land O'Lakes but saw a loss of 80% stock this year.
Dairy milk sales have seen a decline in the US from around $12 billion from $15 billion just four years ago.
Eric Beringause, who recently joined Dean Foods as President and Chief Executive Officer said:
"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."
Grocery giant Walmart dropped Dean Food's last year adding to the issues it faced, after building its own dairy plant.