As Libbey continues to navigate its Chapter 11 filing, the company plans to close its Shreveport, LA, factory. The closure is part of cost reduction measures and to better align manufacturing capacity with lower levels of projected demand.
Libbey reported its first quarter revenue was down with a net loss of $78.7 million in the period ending March 31. The loss comes on the heels of the company filing for a court-supervised reorganization under Chapter 11.
Libbey Inc. has gained bankruptcy court approval for its “first day” motions related to its voluntary Chapter 11 petitions for reorganization filed on June 1, 2020.
Libbey Inc. has announced the company and its U.S.-based subsidiaries have filed voluntary petitions for a court-supervised reorganization under Chapter 11 of the Bankruptcy Code in the U.S.
In light of rapidly evolving market conditions, Libbey said it is implementing a number of additional cost reduction measures that includes a pay reduction for all salaried associates in the U.S. and Canada through September 30, 2020.
Libbey has temporarily halted production at its Toledo, OH, and Shreveport, LA, manufacturing facilities for a minimum of two weeks beginning March 23. Company officials stated the changes are in response to the continued spread of COVID-19 and uncertainty regarding the potential impact on the company’s business demand.
Libbey is rolling out its stackable Kearney glassware assortment, in an effort to offer consumers space saving glassware solutions in the home.
Libbey has reported a decrease in its net sales and a wider net loss for the fourth quarter. The company stated the decrease was due to a challenging market and a shortened fourth quarter 2019 holiday season.
Libbey Inc. has appointed Juan Amezquita as the company’s svp/chief financial officer and treasurer, effective January 13, 2020. He succeeds James Burmeister, who has served as Libbey’s CFO since March 2017. Burmeister will remain at the company as svp/chief operating officer.
Despite soft market conditions and a recent restructuring initiative, Libbey reported that sales edged up while its net loss decreased in the third quarter.
Libbey will introduce new glassware this fall season, with a focus on its Lava tumbler line as well as paneled stackable tumblers.
While still new in his role as CEO of Libbey, a market leader in the glassware industry, Mike Bauer has more than 30 years of experience with leading consumer product companies.
Libbey is kicking off a corporate organizational realignment plan that company officials said is designed to drive improved performance and growth. It said the plan is expected to reduce annual pre-tax run-rate costs by approximately $9 million to $11 million.
Facing what the glassware manufacturer called soft market conditions in several regions and channels, Libbey maintained that its second quarter outpaced its expectations, with modest sales growth in the U.S.
First quarter revenue at Libbey was down slightly as the company reported a larger net loss for the three month period ended March 31.
Libbey has introduced two new stemless wine glasses that company officials said bring a new design twist to the stemless wine category.
Libbey will debut the Linnea line of glass serveware at the upcoming New York Tabletop Market, scheduled to be held April 2 to 5 at Forty One Madison.
Libbey Inc. has named Mike Bauer as the company’s next CEO, effective March 25. Bauer was also appointed to the company’s board of directors, also effective March 25. Bill Foley, Libbey’s current CEO and chairman of the board, will retire as CEO effective March 24, but will remain with the company as executive chairman of the board.
The Housewares Charity Foundation celebrates its 22 years of philanthropy this evening at the Navy Pier when it honors Wayfair co-founders Niraj Shah and Steve Conine; Ulta Beauty CEO Mary Dillon; and Libbey Chairman and CEO William Foley.
Wayfair co-founders Niraj Shah and Steve Conine, Ulta Beauty CEO Mary Dillon and William Foley, chairman and CEO, Libbey, will be honored for their philanthropic endeavors by the Housewares Charity Foundation (HCF) during its annual Housewares Cares Charity Gala on Monday, March 4 during the 2019 International Home + Housewares Show in Chicago.