American Safety Razor Company Enters Chapter 11 Bankruptcy
One of the biggest players in the razor market is undergoing a major shift:
"American Safety Razor Company, which also does business as Personna American Safety Razor, filed Wednesday for Chapter 11 bankruptcy protection.
The company said its first lien holders will purchase the company. It entered Chapter 11 to facilitate the transaction. The company's net sales were $330 million in 2009 vs. $351 million in 2008 . It listed assets of $100 million to $500 million and debt from $500 million to $1 billion, according to bankruptcy court documents.
The firm, founded in 1875, is currently the fourth largest manufacturer of wet shaving razors and blades. Its wet shaving razor and blade products are primarily sold under a retailer's store brand and/or under the company's brands such as Personna, Matrix, Magnum, Mystique, Solara and Gem."
In 1942, American Safety Razor introduces its first Double Edge Blade.
Like true patriots, Personna American Safety Razor Company does its part by complying to a recommendation of the War Production Board to cut production of blades by 40% and to stop the production of razors entirely.
It is estimated that this act alone frees up to 1,550 tons of steel annually for military use. Personna American Safety Razor Company also transfers most of its machinery to the production of 20 mm shell casings, magazines, munitions and various parts for airplane motors.
In 1963, American Safety Razor becomes the first maker of stainless steel blades.
"Originally sold under the Personna brand name, the new technology is quickly applied to all of Personna American Safety Razor Company's product lines."
Since then, it seems, they concentrated on disposable and cartridge razors, not the safety razors they are named for.
(via OC Register)
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Posted by Derek Markham at August 12, 2010 7:00 AM