Ceramic Industry News

Lifetime to Close All Outlet Retail Stores, Including Pfaltzgraff (posted 9/24/08)

Lifetime will close all of its remaining 53 outlet retail stores, including 39 Pfaltzgraff® factory stores, eight Farberware® outlet retail stores and six clearance stores.

Lifetime Brands, Inc. recently announced that it will close all of its remaining 53 outlet retail stores, including 39 Pfaltzgraff® factory stores, eight Farberware® outlet retail stores and six clearance stores. The company also plans to close its York, Pa., distribution facility in 2009. Lifetime will continue to operate its Internet and mail order catalog businesses.

Lifetime has entered into an agreement with a joint venture between Gordon Brothers Retail Partners, LLC and Hilco Merchant Resources, LLC to manage and operate inventory clearance sales that will be completed by December 31, 2008, at the stores. Lifetime has also entered into an agreement with RCS Real Estate Advisors with respect to terminating the leases for the stores.

The company expects to incur a pre-tax, non-cash charge of up to approximately $7.5 million with respect to the write-off of fixed assets associated with the stores, the York distribution center and related operations. The company expects to record a portion of this charge in the quarter ending September 30, 2008. In addition, Lifetime expects that it will incur approximately $15.0 million of other pre-tax charges, which it expects to record largely in the quarter ending December 31, 2008. The company estimates that the cash proceeds from the inventory clearance sales will exceed the cash charges incurred with respect to the store and distribution center closings and related restructuring actions.

“Despite the many actions we have taken to streamline and improve the operations of the retail stores, in today’s difficult retail environment they have continued to encumber our company’s earnings,” said Jeffrey Siegel, chairman, president and chief executive officer. “In addition to eliminating this burden, today’s actions will enable us to focus our efforts on growing our core wholesale business.”

The company’s website is located at www.lifetimebrands.com.


Did you enjoy this article? Click here to subscribe to Ceramic Industry Magazine.

You must login or register in order to post a comment.



Image Galleries

2015 Ceramics Expo

Snapshots from the 2015 Ceramics Expo, April 28-30, Cleveland, Ohio. Posted: May 14, 2015.


Ceramics Expo podcast
Editor Susan Sutton discusses the upcoming Ceramics Expo with event director Adam Moore.
More Podcasts

Ceramic Industry Magazine

June 2015 ceramic industry

2015 June

This issue features our first annual Supplier of the Year Awards. Be sure to check it out!
Table Of Contents Subscribe

Daily News

We know where you find the latest ceramic industry news (ahem), but where do you catch up on the rest of your daily news?
View Results Poll Archive


M:\General Shared\__AEC Store Katie Z\AEC Store\Images\Ceramics Industry\handbook of advanced ceramics.gif
Handbook of Advanced Ceramics Machining

Ceramics, with their unique properties and diverse applications, hold the potential to revolutionize many industries, including automotive and semiconductors.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


facebook_40px twitter_40px  youtube_40pxlinkedin_40google+ icon 40px


CI Data Book July 2012

Ceramic Industry's Directories including Components, Equipment Digest, Services, Data Book & Buyers Guide, Materials Handbook and much more!