Back in November, America's biggest milk producer, Dean Foods, filed for bankruptcy. Less than two months later, Borden Dairy becomes the second major U.S. milk producer to do so, as declining consumption and falling profits made the debt load unsustainable. 

The Dallas-based company has been operating for more than 160 years said in a statement that normal operations will continue while it works out a recovery plan.

The price of raw milk has jumped 27% since January 2019 and it is expected to continue to rise. That and milk alternatives becoming more popular have led to the bankruptcy filing. 

Borden reported a net loss of $42.4 million for 2019 through December 7, increasing from 2018's $14.6 million deficit.