MJP –
A prominent company in Sarasota County has declared bankruptcy due to intense competition in the market.
located in Venice A nationwide reorganization for future expansion was declared by Tervis, a national drinkware manufacturer founded in 1946, when it filed for Chapter 11 bankruptcy. Although the number of employees affected and when they will be implemented remain unknown, the corporation has announced that layoffs are imminent.
“Sarasota Herald-Tribune”
The news arrives nearly one year after Hosana Fieber was named CEO. A “disruption of the market” and a decline in retail expenditure were the reasons given by Tervis for the change, while other drinkware firms like as Stanley and Yeti had experienced enormous growth in the past few years.
Is Tervis’s main office moving out of Venice or staying put?
United Community Bank of the Southeastern United States is more than $5 million in debt to Tervis. With an estimated $7.85 million in cash on hand, the corporation has moved to proceed with its operations.
Tervis is a private firm, thus details about its income and assets are not publicly available. However, the Herald-Tribune was able to obtain bankruptcy records that show the company has current assets ranging from $10 million to $50 million. Included in the same category are its obligations.
Tervis manufactures stainless steel tumblers in Venice. The Tervis brand has been a mainstay in Sarasota County for many years.
In Sarasota County, Tervis has maintained a substantial workforce for many years.
Frank Cotter and G. Howlett Davis, two businessmen from Michigan, established the corporation in 1946. An article from the Herald-Tribune states that they utilized a double-walled tumbler to tap into air’s inherent insulating properties.
SEE MORE –
Ohio Hit Hard: Thousands of Unexpected Layoffs Impact the State
Tervis in Venice does the manufacturing of tumblers. The name “Tervis” was formed when the two went together using the last three letters of their names.
Until the turn of the millennium, Donelly’s grandfather, John Winslow, owned Tervis. He relocated the factory to U.S. 41 in Osprey and kept it running along with a store. The family business was taken over by Norbert Donelly, Rogan’s father, in the late 1980s. From a workforce of twelve at the plant, which could produce ninety thousand cups per day, to about seven hundred in 2017, all at a location visible from Interstate 75.
According to Norbert Donelly, who spoke with the Herald-Tribune, Tervis turned a corner in the mid-1990s when he started getting collegiate athletic licenses. Major partnerships with Disney, Marvel, and the NFL were paved the way for by the sports logos, which reestablished Tervis with customers.
From those felt emblems and hand-assembled cups, the company expanded into printing plastic sheets including Snoopy, Mickey Mouse, and Harry Potter. When Norbert Donelly was in charge, the Osprey manufacturing expanded to sign contracts with national powerhouses.
Producing Tervis Tumblers at their Venice factory.
Layoffs at Tervis Approach
The 12.5-acre parcel was sold by Tervis to 201 Triple Diamond Holdings LLC in August for nearly $15.5 million, according to property records. The company’s principal address is still listed at 201 Triple Diamond Blvd. in North Venice. According to a press release, Tervis has managed to keep its activities running by subletting the facility from the new owner.
The morning news is the perfect way to kick off your day.
Part of the capital investment firm Buligo Capital, which has offices in both Israel and Pennsylvania, is the 201 Triple Diamonds Holding LLC. The 201 Triple Diamond building is described on their website as an industrial asset located in “the desirable ‘Sarasota Outlying’ submarket” that is set to undergo “an aggressive leasing program and capital improvements” in the very near future.
Water quality and turtle nests affected by unprecedented rainfall in Debby, according to Mote
In the bankruptcy filings, it is said that the corporation is now paying 129 workers $305,000 every two weeks. The papers show that by the start of November, Tervis will have reduced its payroll to$200,000. It is also anticipated that its health insurance payouts and 401(k) match program will decrease by comparable amounts during this time.
During a ceremony that took place at their North Venice factory on May 6, 2014, Tervis officially broke ground on their new Tervis Innovation Center.
Along with the motion for cash collateral, Tervis has also filed legal motions to keep paying its employees for the days of the current pay period that occurred before the bankruptcy filing (September 1st through September 4th). At the United States Courthouse Sam M. Gibbons in Tampa, Florida, it will make its bankruptcy court appearance on September 9.
Businesses with 100 or more workers are obligated to notify their employees of impending layoffs within 60 days of the actual date of the layoffs according to the WARN Act. For every day that the warning is not given, the corporation is obligated to compensate the affected employees for their wages and benefits.
As of this past Friday afternoon, the FloridaCommerce website still does not have any such notice released by Tervis.
