One of America's oldest and most proficient dairy companies that started in upstate New York filed for bankruptcy Monday, according to CNN Business. The company, started by Gail Borden during the Civil War, opened a plant in Wallkill, New York and became known for providing condensed milk to the Union army. The Borden plant in Wallkill was also home to Elsie the Cow, who became the company's advertising mascot in 1936.

According to CNN Business, the combination of the rising price of milk and the declining number of people who drink it has caused companies like Borden Dairy to go into serious debt. America's largest milk producer, Dean Foods, filed for bankruptcy in November. Borden noted a 6 percent drop in overall milk consumption in America since 2015, with over 2,700 family dairy farms closing their doors just last year and 94,000 stopping milk production since 1992, according to CNN Business.

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"Despite our numerous achievements during the past 18 months, the company continues to be impacted by the rising cost of raw milk and market challenges facing the dairy industry," CEO Tony Sarsam said in a statement, according to CNN Business.

Borden has 3,300 employees and 22 percent of them are covered by a collective bargaining agreement, according to CNN Business. Borden simply cannot afford its financial obligations to its employees, and filed for bankruptcy as a result.