Borden Dairy Co who famously has the mascot “Elsie the Cow” has filed for bankruptcy. The Dallas based company has listed liabilities and assets between $100 million and $500 million in its Chapter 11 filing.
Chief Financial Officer Jason Monaco says in court papers that the new boost in dairy alternatives like nut milk, rice, and soy milk has really harmed the industry.
“While milk remains a household item in the United States, people are simply drinking less of it,” Monaco said. “In parallel, since the turn of the century, the number of U.S. dairy farms has rapidly declined.”
The same trends helped drive Borden’s larger rival, Dean Foods Co., to file bankruptcy on November 12th of last year.
Borden has a loss of $42.4 million for 2019 through Dec. 7th which is worse than the $14.6 million they lost in 2018. To keep operating in bankruptcy Borden has to use an account established in 2017 used to pay for a settlement with two pension funds said Monaco.
Year after year we are watching these companies lose profit as consumers are waking up to the cruelty, the health benefits, and the ecological benefits of not consuming animal products. The future is vegan.