AM I NEXT? NO LOVE AT LIBBEY (UPDATED 9/8/2020)

Am I Next? Libbey enters bankruptcy.

SEPTEMBER 8, 2020 — PLANT CLOSURE AND 420 LAYOFFS IN SHREVEPORT, LOUISIANA

The company has notified the State of Louisiana that it will close its manufacturing plant and layoff 420 employees in Shreveport, Louisiana commencing on October 25, 2020 with full plant closure by the end of the year.

According to a company spokesperson, “Over the last few years, we have experienced declining demand in our core markets, which has contributed to overcapacity. This has been exacerbated by COVID-19. The recommendation to close our facility in Shreveport will better align our cost structure with current and expected customer demand as we position Libbey for the future. ”

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Toledo, Ohio-based Libbey, the iconic glass tableware producer, has filed for protection under Chapter 11 of the U.S. Bankruptcy Code.

According to a company spokesperson, "Libbey expects to use the court-supervised restructuring process to strengthen its balance sheet to navigate the effects of the COVID-19 pandemic and better position the Company for the future."

Libbey's international subsidiaries in Canada, China, Mexico, the Netherlands and Portugal are not included in the Chapter 11 proceedings. However, "Libbey is exploring the potential sale or closing of its manufacturing and distribution facility in Langfang, China. The decision is part an effort to optimize Libbey’s manufacturing and supply network by allocating capital where needed."

Like most tableware manufacturers, changing consumer tastes and the use of plastics and disposables during the current pandemic has impacted the use of conventional tableware. Many manufacturers are transferring operations abroad to curtail costs and to be closer to a more conventional European market.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?