Friday, July 30, 2010

American Safety Razor files for bankruptcy

American Safety Razor Company (ASR) has certainly been in the news the past six months, first with $2 million in marijuana arriving in a shipment, then with news that a former purchasing director was charged with embezzling $750,000 from the company, and the latest news today announcing they have filed for bankruptcy.

According to the Staunton News Leader:
The New Jersey-based ASR, one of the world's largest manufacturers and distributors of wet shaving razors and blades, entered Chapter 11 in the U.S. Bankruptcy Court in Delaware and has proposed selling itself to first-lien lenders pending higher offers from second-lien lenders, according to a Wednesday ASR press release.
Company officials were tight-lipped about the latest news.

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