54 F
Fort Worth
Wednesday, December 2, 2020
Culture Food Dallas-based Dean Foods, No. 1 milk company declares bankruptcy amid drop in...

Dallas-based Dean Foods, No. 1 milk company declares bankruptcy amid drop in demand

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

Dean Foods, America’s biggest milk processor, filed for bankruptcy Tuesday amid a steep, decades-long drop-off in U.S. milk consumption blamed on soda, juices and, more recently, nondairy substitutes.

The Dallas company said it may sell itself to the Dairy Farmers of America, a marketing cooperative owned by thousands of farmers.

“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,” CEO Eric Berigause said in a statement.

Since 1975, the amount of milk consumed per capita in America has tumbled more than 40%, a slide attributed to a number of reasons but mostly the rise of so many other choices, including teas, sodas, juices and almond and soy milk.

That has hit dairy farms and milk sellers hard, leading some smaller family farmers to quit the business.

Another blow to Dean Foods came when Walmart opened its own milk processing plant in Indiana last year.

Dean Foods has lost money in eight of its last 10 quarters and posted declining sales in seven of the last eight.

The company said it will continue operating normally while it puts its finances in order under Chapter 11 bankruptcy. It has lined up about $850 million in financing from lenders.

Its stock rose 2.3% in morning trading.


close






Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Mooyah plans expansion with an eye on Fort Worth

Texas and burgers have a long and storied history. Plenty of cattle and all that. The Texas appetite for a burger – both old-fashioned...

DoorDash looking for a valuation of nearly $30B

NEW YORK (AP) — DoorDash is looking for a valuation of nearly $30 billion when it takes itself public, reflecting how integral food delivery...

The rise and fall of Tab – after surviving the sweetener scares, the iconic diet soda gets canned

Tab, the Coca-Cola company’s original diet soda brand, is headed to the soda graveyard, joining retired brands such as Like, Leed and Limette. Coca-Cola has...

Cholula is hot with $800M acquisition by McCormick and Golden Chick deal

Here’s some hot news. McCormick & Company Inc. (NYSE: MKC) on Nov. 24 announced that it has signed a definitive agreement to acquire the parent company...

New ownership at WineHaus

WineHaus Fort Worth announced a change in ownership and updates to the popular wine bar located at 1628 Park Place Ave. New owners Robyn Davis...