Home » Legal News » End of the Road for Steuben Crystal
End of the Road for Steuben Crystal
October 24, 2011 08:02pm
Steuben Glass, a name that once evoked images of prestige and sophistication, appears to be vanishing for good. The former American icon known for its handcrafted crystal is shutting down its only remaining factory.
The last factory, located in Corning, New York, is being closed on November 29th of this year—a week after Thanksgiving. As profits have become elusive, the prospects of reviving the century-old vanity brand seem daunting and exceedingly slim.
Although the exceptionally transparent glass is still lauded, the company has struggled to find its footing—in 2008 Corning Inc. sold the business to Schottenstein Stores Corp, a retail operator based out of Columbus, Ohio.
The company’s struggles can be attributed to innovation failures. Critics cite uninspiring designs, an overseas production shift and the inclusion of cheaper engraving methods into the manufacturing process as principal contributors for the company’s demise.
The failure to innovate coupled with a generation-long slide in demand for fine crystal was perpetuated by the financial crisis that rocked the United States in September of 2008. The majority of the factory’s 60 workers will be laid off and Steuben’s flagship New York store will shut its doors once inventory is sold off.
Comments
Must Read
A Brief History of E-CommerceThe history of e-commerce has continued up to the present day but is generally considered to also predate the period in which the Internet was available.
A Brief Overview of Internet BusinessAn internet business can refer to a company or business that will conduct all of its transactions and offer its services and products through the internet.
A Guide to Assault and Battery DefensesAssault and Battery: DefensesProsecuting a purported incidence of violent physical action as assault and battery requires that the legal system prove that nothing about the context of the action could excuse its performance and that the intention or responsibility of the actor can be demonstrated.
A Guide to Non-Profit OrganizationsNon-Profit Organization BackgroundNon-profit organizations are those which are set up to provide aid on a local or global level while continuing to funnel income into the cause.
A Handy Guide to Negotiable InstrumentsMoney is the one constant of all financial transactions, as it changes hands quickly and readily to accommodate any deals.
A List of Different Types of BrokeragesBrokerage is an overarching term for a firm that helps the acquisition and sales of securities, supplies and assets.
Tips