Indestructible French Duralex glasses are saved from bankruptcy
The commercial court of Orleans gave its approval to the offer presented by the French tableware and kitchenware group International Cookware
The famous glassware francesa Duralex finally got a buyer this week that saved it from bankruptcy and will be able to continue producing its glasses with fame of unbreakable, present for years in the kitchens of many countries around the world.
The commercial court of Orleans on Thursday gave its approval to the offer presented by the french tableware group and International Cookware cookware.
This news ends months of heartbreak, after Duralex was subject to judicial liquidation since September 2020.
Duralex is known throughout the world: from schools in France to the designer objects at MoMA in New York, to the glass used by James Bond for a whiskey in Skyfall.
In school canteens in France, children have always played guess the age based on the Duralex glass what had happened to them that day.
On the bottom of the glasses of the brand’s Gigogne model, one of the most commercialized, transparent and with a horizontal line in the middle, there is always engraved a figure from one to 48 depending on the mold used to make it, which served the children to invent this game.
Promote ‘Made in France’
However, this worldwide fame failed to attract more firms interested in saving it from bankruptcy and only three companies submitted offers, of which two did not prosper.
International Cookware, the other great tempered glass expert in France, submitted an offer approved by the judges for a value of 3.55 million euros (4.2 million dollars), accompanied by an ambitious commercial and industrial plan.
According to the group president, JosÃ © Luis Llacuna, they want to give Duralex, a symbol of Made in France, a place in world markets.
At this time, the famous glassworks, created in 1945, employs 248 people. Your ultra-resistant tableware is part of some national heritage way and it is difficult to find a Frenchman who has not had a soft drink or a coffee in their famous amber glasses.
But for 15 years the financial problems have accumulated due to a outdated business policy and outdated industrial tools.
In 2005, the company declared bankruptcy and came under the control of a Turkish businessman whose management caused the company to be on the brink of disappearing. Was saved in extremis in 2008 by the current owners, the brothers Antoine and AndrÃ © IoannidÃšs.
Since 2017, new financial difficulties appeared and a industrial accident caused a reduction of production from which the firm has not yet been able to recover.
Debt of 32 million
The accounts worsened last year, with the pandemic and disappearance of some markets abroad that represent 80% of its volume of business. When the company entered the legal liquidation phase, it accumulated 32 million euros (38 million dollars) of debt.
Now, its new buyers want to invest more than 17 million euros (20 million dollars) until 2024.
Their objective is to “sell more”, and for this they will activate their sales representatives and distributors around the world, and also “sell better” the indestructible glasses, thanks to a new communication strategy and online commerce.