Venice-based Tervis tumbler files for bankruptcy, layoffs expected

[Zorro]

One of Sarasota County’s marquee businesses has filed for bankruptcy amid stiff market competition.

Venice-based Tervis, a national drinkware company founded in 1946, announced it filed for Chapter 11 bankruptcy ahead of a company-wide reorganization for future growth. Layoffs are expected, the company said, though it’s unclear how many workers they will impact and when they will take place.

The announcement comes almost a year after the company tapped Hosana Fieber as its new CEO. Tervis cited a “disruption of the market” and a drop in retail spending as the catalyst for the shift, as other drinkware companies like Yeti and Stanley have skyrocketed in recent years.

Tervis owes its primary creditor, the southeastern U.S.-based United Community Bank, almost $5 million. The company filed a motion for permission to use its estimated $7.85 million in cash collateral to continue its operations.

https://www.heraldtribune.com/story/news/local/2024/09/06/tervis-files-for-bankruptcy-announces-layoffs-expected/75101256007/

I like their insulated cups -- they are expensive, but not nearly as expensive as Yeti and Stanley.