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Joele Frank is handling the Chapter 11 filing of Libbey Inc., one of the world's largest glass tableware manufacturers, which is blaming COVID-19 for the need to restructure.
The Toledo-based company posted a two percent dip in 2019 sales to $782M and a $69M loss vs. an $8M year-earlier deficit.
CEO Mike Bauer claimed the glassmaker was getting back on track in 2020 before the COVID-19 pandemic delivered a "truly unprecedented" negative and prolonged impact on Libbey, which traces its roots to 1818.
He called bankruptcy "a necessary step to address our liquidity, strengthen our balance sheet and better position Libbey for the future."
There's been some improvement in Libbey's end markets with the gradual lifting of stay-at-home restrictions, according to Bauer. It has restarted production lines in Toledo and Shreveport and reopened US distribution centers.
Libbey brands include Libbey Signature, Master's Reserve, Crisa, Royal Leerdam, World Tableware, Syracuse China, and Crisal Glass.
Joele Frank, Wilkinson Brimmer Katcher has Michael Freitag, Ed Trissel and Tim Ragones are working media for Libbey.
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