Borden Dairy, a 163-year-old milk producer known for its spokes-cow Elsie, has filed for bankruptcy. It blamed falling milk consumption and rising raw-milk costs, among other factors.
Borden Dairy Co., a 163-year-old milk producer known for its spokes-cow Elsie, has filed for bankruptcy with plans to erase millions of dollars in debt from its books, becoming the second major player in the industry to seek protection from creditors in two months.
The Dallas-based company filed its chapter 11 petition Sunday in the U.S. Bankruptcy Court in Wilmington, Del., blaming falling milk consumption, rising raw-milk costs, increasing freight costs due to driver shortages pressuring wages, and the growing clout of retailers...
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