Lifetime Brands, Inc. announced today that it has agreed to purchase the operating assets and to assume certain liabilities of Reed & Barton Corporation, which has filed for bankruptcy protection.
The transaction is subject to a number of conditions, including completion of an auction process and bankruptcy court approval.
Jeffrey Siegel, Lifetime’s chairman and CEO, said, “Reed & Barton’s tableware business in flatware, crystal and serveware fits nicely with our own and also will immediately establish for us a strong position in the giftware category.”
In addition, the company announced that it has amended its bank credit agreement. The amendment provides for a more gradual reduction in the permitted maximum senior leverage ratio, beginning March 31, 2015, than previously was the case.