Lenox , the year-old tableware company, has been purchased by private equity firm Centre Lane Partners. We have invested in branding and strengthened our e-commerce capabilities, and with the support of Centre Lane, we are looking forward to building on the vision that has made Lenox so unique since its founding in The move comes amid a tumultuous time for Lenox.
In April of this year, the company permanently closed its factory in Kinston, North Carolina, citing the challenges posed by the coronavirus pandemic. Then in July, the company announced that it would close all of its outlet and warehouse stores, again pointing to COVID Ryder, who joined the company in , has been hoping to do for the Philadelphia-based Lenox what he did for Royal Copenhagen in Denmark: Streamline the product selection and make the brand's tabletop assortment relevant for a younger audience.
Centre Lane is acquiring Lenox from Clarion Capital Partners, which purchased the company in a bankruptcy auction in Below, Ryder shares the thinking behind the move it had been in the works pre-pandemic and explains why he's energized by the change in ownership. You had been pushing for a sale, even before the pandemic—what was the rationale at the time? To create more freedom for the initiatives we wanted to implement and more flexibility.
The market is not easy, and a lot of our big customers have been [struggling]. We had taken some steps, but we had also lacked the financial muscle to take the next steps. That was the idea behind getting new ownership and fresh hires and fresh capital in.
Unfortunately—or fortunately, you could say, depending on which angle you are looking at—[the pandemic] forced us to take a lot of steps to reduce our company. We closed down our retail stores [because] we had to. We also had to close down our manufacturing in the U. COVID put the whole sales process on hold. And then we got into firefighting mode. And in that firefighting mode, we found a plan and a strategy that we actually were able to sell the company on.
Maybe not the factory, but at least the retail stores, yes. Our wide array of collectibles will make for a happy home and even happier heart. Our stock of Lenox collectibles is updated almost daily with new and improved items for you to browse. When you register with Delvage, you have so many benefits.
You are able to make product requests and we can send you an email when that item has come back in stock. Our wishlist feature will give you an update when a product you have had your eye on has been discounted to a price that you would like to pay!
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