America’s largest milk producer is filing for bankruptcy. Dean foods filed for Chapter 11 bankruptcy protection in an effort to keep the 94-year-old company operating. The filing will also allow the company to reorganize its debt and help fund workers’ pensions. Dean Foods makes some of the country’s most recognizable milk and dairy products, including brands like Dairy Pure, Organic Valley, and Land O’Lakes.
The company has struggled recently due to Americans drinking less cows milk. Company profit fell 14% in the first half of this year. Dean Foods released a statement saying it is working with the Dairy Farmers of America Cooperative on a potential deal, in which the cooperative would buy most of the company.