Lighter maker colibri closes!

[LARAIDER]

GOOD RIDDANCE!!!!!!


Los Angeles, January 16, 2009 – “Our customers aren’t ordering because no one is buying.”

That, in a nutshell, is what happened to The Colibri Group, familiar to millions of smokers for its signature lighters, but which filed for bankruptcy on Thursday.

The Providence Journal reported that a sign on the door of the company’s East Providence, Rhode Island office and warehouse said the company was out of business. Former Colibri designer Kelly Fusaro was interviewed by the Journal and noted the company’s epic drop in business in his comment above.

In addition to the Colibri accessory and lighter lines, the company also owned clock brand Seth Thomas, and jewelry lines Dolan Bullock and Krementz and had distribution agreements with Disney, Guinness, Nickelodeon and the “American Idol” television show. Now its 280 employees are out of work and the company is being forced into receivership through a filing in the Rhode Island Superior Court.

Employees were notified through a message sent on the evening of January 14 by chief executive officer Jim Fleet. According to the jewelry trade website JCKonline.com, Fleet wrote that the company “has closed its operations and must seek the protections of filing a petition of receivership with the state of Rhode Island,” adding later, “The current economic conditions are credit market turmoil are such that Colibri cannot sustain its current operations and as such must close its doors.” Fleet did acknowledge that the closure came “in a rather sudden fashion.”

Colibri was founded in 1928, but was purchased by the Levenger family in 1971 and had sales of approximately $100 million in 2005. At that point, the family sold the company to three investment firms, who had the idea to grow the company through sales in overseas markets. But reports say that sales now hover around the $32 million mark. The lead shareholder, Founders Equity SBIC, filed the petition for receivership. The remaining inventory of finished products and raw materials, including gold and silver, will be sold to raise funds to pay off creditors.

Colibri made a splash at the 2008 International Premium Cigar & Pipe Retailers Association (IPCPR) show in Las Vegas with a unique lighter called the Colibri Reload, which features a removable fuel tank and installed a “lifetime guarantee” for its lighter products. Its 2008-09 catalog showcased 55 different lighter models, plus travel humidors, cutters, cases, flasks and its unique TranzPack lighter travel case for checked baggage.

One longtime observer of the smoking accessories and jewelry trade noted that Colibri’s closure will create new opportunities for other brand-name lighter makers such as S.T. Dupont and Dunhill at the high end as well as lower and mid-range brands such as Blazer, Xikar and Prometheus.

“Who knows; maybe Fred Levenger will come back and buy the company for five cents on the dollar?” said the observer, who asked that his name not be used. “It’s just very sad.”

[Lexxxus]

I posted a new thread about the same time...

The phone while not disconnected is not being ansered (just please hold message)

Who will do the srevice / warranty? Who will be geting hold of the old stock?

Probably some good deals to be had.

The brand seems to evoke borderline anger here... I have always liked them.

[lowlife]

My wife bought me the fairly expensive (at least for us) Enterprise for Christmas. So far the performance has been excellent, I hope it stays that way.

[Pitbull]

Wow no sh*t There goes the warranty oh well use it till it breaks then.