China and collectibles maker, The Lenox Group has become the latest company to stumble in the current economic climate. The company filed for Chapter 11 bankruptcy protection this week. Lenox usually does a brisk business this time of year in gifts, ornaments and holiday dinnerware. The company was known as Department 56 until 2005 when it changed its name after buying Lenox Inc., a fine-china maker. It says debt related to the acquisition and the weakening financial markets lead to the filing. Like many other companies, Lenox will continue to operate during the bankruptcy. It is seeking $85 million in financing from its lenders to pay employees and normal operating expenses.Posts with tag Chapter11
Lenox Files For Bankruptcy
China and collectibles maker, The Lenox Group has become the latest company to stumble in the current economic climate. The company filed for Chapter 11 bankruptcy protection this week. Lenox usually does a brisk business this time of year in gifts, ornaments and holiday dinnerware. The company was known as Department 56 until 2005 when it changed its name after buying Lenox Inc., a fine-china maker. It says debt related to the acquisition and the weakening financial markets lead to the filing. Like many other companies, Lenox will continue to operate during the bankruptcy. It is seeking $85 million in financing from its lenders to pay employees and normal operating expenses.The Sharper Image Files for Bankruptcy
The Sharper Image, home over the years of all kinds of iconic gadgets like Razor Scooters and the Ionic Breeze air purifier line, has filed for Chapter 11 bankruptcy. They've seen net losses for the last 3 years, and earlier this week their stock plummeted all the way down to $0.41 per share.Their downfall seems tied to the fact that they've always been so focused and dependent on the success of very limited and focused products. They're hoping to make a comeback, though, borrowing $60 million dollars and closing 60 of 183 stores nationwide.
I've always loved shopping in their stores and browsing their catalogs -- I hope they get it together and recover from this!
