What does the Lenox bankruptcy mean to me as a collector, as an owner of patterns, as a seller of goods?
I read recently that Lenox joined the countless other U.S. companies filing for bankruptcy protection. Lenox, based in Bristol PA, markets the Lenox brand, Department 56 and Gorham. Lenox over the years has been a top choice in china, flatware, glassware and collectibles.Many of us, myself included have Lenox dishes in our cabinets, Lenox flatware in our drawers and Lenox collectibles on our Christmas tree and through-out our homes.
Here is a portion of the router from Thomson Routers. NEW YORK, Nov 24
(Reuters) -
Lenox Group Inc LENX.OB, a 119-old company whose high quality china has graced the tables of U.S. presidents and generations of American newlyweds, filed for Chapter 11 bankruptcy protection on Monday, citing declining revenue and a poor U.S. retail climate. The company said it would continue its normal operations and that it plans to pursue a sale of its business through the
bankruptcy process.
Lenox has conditionally agreed to sell all its assets to a
new entity formed by its term lenders in exchange for a cancellation of a
portion of its secured loans, the company said in a statement. However, Lenox
said it remains open to better offers from other parties.
Lenox, founded by
Walter Scott Lenox in 1889, manufactured the first American china to be used in
the White House. Five U.S. presidents, including Woodrow Wilson, Franklin D.
Roosevelt, Harry Truman, Ronald Regan and Bill Clinton, commissioned Lenox to
issue new tableware for state services. The Lenox brand will remain and its
products will continue to be sold if the lenders do acquire all of the
companies' assets, Chief Financial Officer Fred Spivak said in an interview with
Reuters. The company said it would cooperate in providing any such information
requested by the OTC. (Reporting by Emily Chasan and Euan Rocha; Editing by Lisa
Von Ahn, Toni Reinhold) © Thomson Reuters 2009 All rights reserved
What does the impending purchase of Lenox mean to me and my products?
China, Flatware, Collectibles all Lenox, all good quality, but now the company is in trouble.
Over the years, I have accumulated a lot of Lenox products. I chose Lenox as my china, as my everyday dishes, as my flatware. I consider these sets an investment. They were added to over the years and they are my dishes, my forks and knives.
I chose Lenox so many years ago because of the quality of their products. Years later, my initial investments paid off. The flatware is still shiny 15 years and thousands of dishwasher runs later. Just as advertised there is no tarnish, no visible wearing. The dishes are also for the most part intact. Yes, their quality was good and years later, much worth the investment.
But, I wonder if the quality of new products will be comparable. Will new brides chosing their patterns today, be happy with the quality and the availability of replacements 20 years from now?
Isn't that in fact, why we buy-up as consumers? I know that is why I do. I always try to buy good quality products, believing that in the long run they will last longer and remain beautiful and valuable into the future.
In fact Lenox is the very reason I went into online sales years ago. When adding to my sets, I individual replacement pieces expensive and difficult to find. I decided to purchase and resale good quality flatware and dishes based on my own experience with these brands. I knew, like me, many people needed additional pieces for their sets. Unlike so many cheap and low quality products purchased at the many discount stores, Lenox and other brand patterns were meant to last a lifetime.I also chose Lenox based on the company and their product warranties. Will their policies affect their products? I for one am standing by to stand by. Let's hope Lenox brands are around for awhile.
Barbara Parker
Some of my Lenox products
