Steuben Glass Sold

In March I mentioned that Corning was planning to put its Steuben Glass division up for sale. Now it looks like the deal is done. USA Today reports that the luxury crystal company has been bought by a private equity company. Corning will continue to maintain a 19.9% equity stake and the company intends to continue operations in upstate New York. Steuben will be part of the Schottenstein Luxury Group portfolio. The Ohio-based Schottenstein Stores has stakes in American Eagle Outfitters, Retail Ventures, which is the parent of DSW, and other stores.
Steuben has lost $30 million over the last five years and in March Corning had said the would consider shutting the factory if they couldn't find a buyer. The employees at the Steuben factory will get the same salary and benefits under the new ownership. Steuben Glass is currently the only luxury lead crystal still handcrafted in the United States.














Live from Microsoft's New Generation Xbox event!
Xbox Reveal liveblog on Joystiq
Dozens Killed in Oklahoma Tornado; Death Toll to Rise
Justin Bieber Booed, Gets Standing Ovation at Billboard Music Awards
2013 Billboard Music Awards Best and Worst Dressed
Watch: Kansas Meteorologist Seeks Shelter From Tornado
Xbox One architecture panel liveblog!
Two Pilots Fired After Brazilian Pop Star Takes Captain's Seat Mid-Flight
Oldest Water on Earth Found Deep Underground
2013 Billboard Music Awards: All the Winners!