Skip to comments.L. E. Smith Glass abruptly closes
Posted on 07/03/2004 3:27:38 PM PDT by Willie Green
The financially troubled L.E. Smith Glass Co., one of the last hand-molded glass factories in the United States, abruptly ceased production this week after talks between a potential buyer and a major lender failed.
The specialty glass maker, whose customers included Martha Stewart and the retailer Williams Sonoma, had operated in Mount Pleasant since 1907.
Martin Noonan, L.E. Smith's Boston-based president, blamed a poor economy and import competition for the company's problems. Both he and the lender, Sky Financial, said they were seeking another buyer.
The factory's retail store will remain open for at least the near future, said Tim Dirrim, a spokesman for Ohio-based Sky Financial, which had financed a line of credit and lent the Westmoreland County company $2.9 million to modernize a furnace.
Employees were told Wednesday night that production had ceased after talks involving the bank and the prospective unnamed buyer ended without agreement.
(Excerpt) Read more at post-gazette.com ...
I can't afford products from either of these companies. Compete or die, dude.
Yep, the Invisible Hand in action!
This type of thing would never happen in North Korea.
We can't hire people fast enough.
What's more, other companies are making money hand over fist at Williams Sonoma. High margin, no discounts. Something has got to be pretty far out of whack at that company.
What a wonderful world?? that's bad news to some folks ;-)
Williams Sonoma... overpriced kitchenwares.
Good Lord, in the Aviation business, we can't either!
Sadly enough however there isn't much demand for glass in aviation.
I'm sorry to hear about this, I've collected many nice pieces of Smith Glass over the years. Thanks for posting this.