VENICE, Fla. — Sarasota County-based legacy drinkware company Tervis is filing for bankruptcy. But, don't worry — the double-walled tumbler makers have plans to stick around for decades to come.
Tervis announced on Thursday that it plans to file for Chapter 11 bankruptcy in order to reorganize the company for future growth.
Executives cited the rise in other stainless drinkware brands, an ongoing lawsuit with a supplier, the pandemic and the overall decrease in retail spending as reasons for the decision.
“These market trends are ones that Tervis will make adjustments to in future business planning, but have drastically affected current operations,” Hosana Fieber, chief executive officer of Tervis, said.
Fieber also noted that Tervis closed its Osprey distribution facility in early 2024 and has had a tough time subleasing the property.
Along with the reorganization will, unfortunately, come layoffs. Tervis says it plans to keep "a core group of employees in every department."
“One thing is certain, and that is that our company needs people, and we intend to keep as many employees as we can in each department to continue our operations while we undertake this reorganization with the goal of building back even stronger,” Fieber added.
Rogan Donelly, chairman of the board, reassured consumers that Tervis has weathered various economies in its 78 years and is prepared to adjust to today's market conditions.
As part of its reorganization plan, Tervis is shifting its focus from on-the-go drinkware to at-home products. A new sub-brand, TervisHome, is already in the works.
“Going forward, Tervis intends to focus on its core foundation as a classic, locally invested, family-owned brand that provides products for everyday casual dining occasions,” Fieber said.
Tervis created the world’s first permanently sealed, double-walled, insulated tumbler in 1946. In fact, the name "Tervis" is a combination of the last names of creators Frank Cotter & G. Howlett Davis.
Now, in addition to its classic plastic tumblers, Tervis offers stainless water bottles and tumblers with a wide array of customizable designs.
