Dean Foods, America's No. 1 milk production company, announced it is filing for bankruptcy.
Although the company is known for manufacturing some of the most popular dairy products, its decision to file for Chapter 11 bankruptcy protection comes after years of struggling to stay afloat. As Americans turn to nondairy milk or private-label products, many traditional companies have been on the decline. Additionally, due to Walmart ending its long-term distribution contract with Dean Foods, the company also claims it is facing a mountain of debt and says it is unable to fund all of its workers' pensions.
This year alone, the company's sales fell seven percent in the first half of 2019 and profit fell 14 percent. Sales for all types of cow's milk has declined overall. CNN Business revealed in the past 52 weeks, sales were around $12 billion -- about $3 billion less during the same time frame in 2015.
As part of the bankruptcy protection, Dean Foods will work to restructure its debt in order to pay employees' pensions while it looks for a buyer.
The company announced in a statement on Tuesday it is in 'advanced discussions' with Dairy Farmers of America, Inc. regarding a potential sale of substantially all assets of the company.
Take a look at some of the other top brands that have filed for bankruptcy this year: