Libbey, a person of the world’s premier makers of glass tableware, submitted Chapter eleven bankruptcy on Monday, citing the “unprecedented” effects of the coronavirus pandemic on desire for its solutions.
The company experienced been pursuing a restructuring of its harmony sheet even ahead of the pandemic pressured it to close its factories in Toledo, Ohio, and Shreveport, La., and virtually shut down its cafe income channel.
A 7-yr, $440 million mortgage was scheduled to mature final thirty day period.
But Libbey mentioned Monday that it experienced been “unable to offset the steep decline in sales” ensuing from the pandemic, leaving it with no selection but to file bankruptcy for the 1st time in its 202-yr heritage.
“While we entered 2020 with constructive momentum from our robust complete in 2019, the extraordinary and extended effects of COVID-19 on the desire for our solutions and on our enterprise is actually unparalleled in