Investing.com – Dean Foods (NYSE:) has filed for Chapter 11 bankruptcy protection, the company said on Tuesday.
Shares of owner of TruMoo chocolate milk and Meadow Gold ice cream were trading at $0.80 in midday trade as arbitrage continued in the stock.
The company is in talks over potential sales of its assets with the Dairy Farmers of America, Reuters . The dairy company was struggling due to a shift away from milk-based products in recent years.
“We continue to be impacted by a challenging operating environment marked by continuing declines in consumer milk consumption,” Chief Executive Officer Eric Beringause said.
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