One of Sarasota County’s marquee businesses has filed for bankruptcy amid stiff market competition.
Venice-based Tervis, a nationally renowned 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.
More: Is the Tervis headquarters leaving or staying in Venice?
The company’s principal address is still listed at 201 Triple Diamond Blvd. in North Venice, through property records report Tervis sold the 12.5-acre plot to 201 Triple Diamond Holdings LLC last August for almost $15.5 million. The LLC is a subsidiary of Buligo Capital: a capital investment firm with offices in Pennsylvania and Israel.