American Safety Razor Company Files for Bankruptcy
Published on 07/28/2010 -
The American Safety Razor Company voluntarily filed for Chapter 11 bankruptcy protection today in US Bankruptcy Court in Delaware.
An agreement has been met in which the first lien holders of the company, who were owed $244 million, will now move forward and purchase the company. This acquisition will include the assumption of trade supplier, customer and employee obligations.
The American Safety Razor Company has cited increased competition for inexpensive shavers and the loss of key customers as its primary reasons for seeking bankruptcy.
In the Chapter 11 documents that were filed, it listed assets of over $100 million and debt ranging from $500 million to $1 billion.
The American Safety Razor company is the fourth largest manufacturer of wet shaving razors and blades, and is also a producer of surgical razor blades. The company was founded in 1875 and produced the first safety razor made for shaving in the US.
The company is based in Cedar Knolls, NJ.
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