DALLAS (CBSDFW.COM) – Generations of Americans grew up with the company’s products on their kitchen tables and images in their head. Now Borden, one the the country’s oldest and largest dairy companies, has filed for bankruptcy protection.

Saying it’s been hurt by a drop in overall U.S. milk consumption since 2015, Dallas-based Borden Dairy Co. says it can’t afford its debt load and pension obligations. The company has more than 3,300 employees and runs 12 plants across the country.

READ MORE: Oh Poop! Suspects Wanted For Arson In Southlake After Blowing Up Porta Potty With Fireworks

In a press release statement the company said:

“Borden plans to continue operating in the ordinary course of business, under the court’s supervision, and remains focused on being the most service-oriented dairy Company that offers delicious and nutritious products consumers love.”

READ MORE: Arlington Police Associations To Present 'No Confidence' Petitions To City Council Regarding Chief Al Jones

The statement did not say if the plans on staying in business long-term or liquidate. According to court records, during 2019 Borden reported a net loss of more than $42 million.

In 2019 Borden, a company founded in 1857, revived it’s advertising icon — Elsie the cow. Borden was the first company to develop a patent for the process of condensing milk.

MORE NEWS: Fort Worth Leaders Ring In Salvation Army's North Texas Red Kettle Campaign

Also last year another Dallas-based dairy, Dean Foods, filed for bankruptcy protection. Dean Foods is the nation’s largest milk producer.