"E. Gluck Corporation, the maker of the Armitron watch line and the manufacturer of timepieces for fashion brands like Anne Klein and Nine West, filed for Chapter 11 bankruptcy protection in Manhattan federal bankruptcy court last Monday. The family-owned company, founded by late Holocaust survivor Eugen Gluck in 1956, said in legal filings that it has been squeezed as consumers have drifted away from traditional watches, thanks to the rise of smartwatches and other devices."
"At its peak, the New York-based company generated hundreds of millions of dollars in revenue through brand licensing deals as well as distribution to department stores, off-price retailers, club stores, and more, its chief financial officer, Adam Gelnick, said in court papers. The company's website lists name brands like Juicy Couture and Vince Camuto among the labels it has worked with. A Google search shows Armitron watches can be purchased at places like Amazon, Walmart, and JCPenny, and tend to cost between $30 and $85."
E. Gluck Corporation, founded in 1956 by Eugen Gluck, filed for Chapter 11 bankruptcy protection in Manhattan federal bankruptcy court. The family-owned company manufactured Armitron watches and licensed timepieces for fashion brands including Anne Klein, Nine West, Juicy Couture, and Vince Camuto. The company generated hundreds of millions in revenue at its peak through brand licensing and broad distribution to department stores, off-price retailers, club stores, and online retailers such as Amazon, Walmart, and JCPenny. Management cited a long-term decline in traditional watch demand driven by smart devices and a failed move into smartwatch accessories. As of October 31, the company reported over $36 million in liabilities.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]