Garden City-based Lifetime Brands Inc. has lost its bid to acquire Massachusetts-based silversmith manufacturer Reed & Barton Corp., which filed for bankruptcy protection in February.
The winning bidder for the 190-year-old company was Lenox Corp., a tabletop, giftware and collectible products company based in Bristol, Pennsylvania. Lenox submitted a cash bid of $22.2 million to acquire the operating assets of Reed & Barton. Lenox also assumed certain of the company's liabilities, mostly trade debt, according to Reed & Barton's bankruptcy attorney, John J. Monaghan, of Holland & Knight in Boston.
In February, Lifetime Brands, which sells branded kitchenware, tableware and other products, including Farberware and KitchenAid, had announced it was planning to purchase Reed & Barton, pending the auction and bankruptcy court approval. Lifetime Brands had made a $15 million offer, plus assumptions of liabilities, Monaghan said Wednesday.
The auction-winning offer will still need approval from the U.S. Bankruptcy Court in Boston. The transaction likely will close by next week, Monaghan said. Reed & Barton was established in 1824 in Taunton, which is still known as the Silver City. The company employs about 72 people, Monaghan said.