Long-time Star Wars licensee Rubies has filed for Chapter 11 bankruptcy. With their sales impacted by the coronavirus pandemic and forthcoming properties like Black Widow, Minions, Ghostbusters and more pushed back by many months, the company couldn’t continue as it was, hence the decision.
Rubie’s president Marc Beige commented: “Given the highly seasonal nature of our business, our manufacturing relationships in China, the impact of the Covid-19 pandemic on the US and the global economy and potential liquidity pressures, the Board of Directors determined that the Chapter 11 filing is our best path forward as we carry out our restructuring efforts. We believe that this decision will best serve our customers, licensors, employees, and business partners.”
As had been recently reported in the US, Rubie’s had already cut 75% of its workforce, after its California and New York-based facilities were deemed non-essential as 26th March. The company subsequently pivoted its manufacturing facilities to produce hand sanitizer and personal protective equipment to aid in the fight against Covid-19.
The company has asserted that it “plans to use cash collateral and is engaged in the process to place a new financing facility, along with the continued support of the Beige family, that will provide for the continuation of its operations, including payments to vendors, employees, customers, and creditors.”
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- Audience Rating: PG-13 (Parents Strongly Cautioned)
