MJP –
Unexpectedly, a well-known manufacturer of drinkware has listed assets and liabilities ranging from $10 million to $50 million in its bankruptcy petition.
Famous drinkware maker Tervis Tumbler Co. went bankrupt on September 5 in the United States Bankruptcy Court for the Middle District of Florida through Chapter 11.
In light of numerous obstacles, such as a precipitous decline in online sales, a general slowdown in consumer spending, increasing operational costs, failing retail sites, and an ongoing lawsuit dating back to 2018, the company plans to restructure its operations.
Since the introduction of stainless steel drinkware manufacturers such as Hydroflask, Yeti, and Swell in 2014 and 2015, the Venice, Florida-based Tervis has encountered intense rivalry in the sector.
Tervis did not achieve consumer expectations for quality in terms of chipping and peeling until January 2023, despite launching its own stainless steel products in 2016. TheStreet reports that the company struggled to compete on price.
Tervis, established in 1946 by G. Howlett Davis and Frank Cotter, is famous for manufacturing the initial double-walled insulated tumbler with a permanently sealed cap.
Taking the final three letters of the founders’ surnames, the name “Tervis” was born. John C. Winslow, an entrepreneur, bought the Tervis trademark in 1967 and started advertising the drinkware in retail locations, on golf courses, and in marinas, which helped grow the brand.
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Licensed graphics from companies like Disney, Harry Potter, Marvel, and major sports leagues adorn Tervis’s customizable tumblers, which are known for their high quality and popularity.
The corporation has eight retail locations in four states (Florida, Michigan, South Carolina, and Tennessee) and fifty license agreements. You can also get Tervis products at big-box stores like Walmart, Target, and Kohl’s.
