Tervis Tumbler Co, a family-owned drinkware company, has exited Chapter 11 bankruptcy with all litigation dismissed and debt resolved.
Tervis entered Chapter 11 to reorganize in September 2024 and laid off 60 employees in November through December 2024.
"The business decision to reorganize was to better position and strengthen this brand's legacy for a long and successful future," said CEO Hosana Fieber. "Now we plan to invest in this family-owned brand and its products, that are both made to last."
The company was founded in North Venice, Fla. in 1946 and is on its third generation of family owners. Tervis has more than 50 licensing deals and the company's drinkware comes with a lifetime guarantee.
The exiting of Chapter 11 bankruptcy confirmation hearing took place at the Tampa Federal Courthouse in Florida on Feb. 11. The hearing settled a lingering lawsuit and made deals with all creditors.
During the hearing, the company executives revealed a "Made to Last" Tervis tumbler to celebrate the occasion.
"We're thrilled with the future vision of the company and the leadership and strategies in place to bolster the brand and grow," said Rogan Donelly, chairman of the board for Tervis. "The board has full confidence in our team's ability to build back better and stronger than ever before and we will do that by investing in innovation and our core strengths."
When the company originally filed for Chapter 11, officials said they knew that this wasn't the end of its operations and that it was more aimed at ensuring the company can continue to exist.
Earlier in 2024, Tervis began transitioning to focus more on home occasions rather than on-the-go products after seeing so many competitors such as Yeti and Hydroflask start to dominate the industry.
With the future in sight, Tervis will be investing in the return of its legacy products and continue to invest in its home sub-brands, TervisHome and Classic Drinkware Portfolio, which has ranked within the Top 10 of plastic and acrylic drinkware.
The company will also introduce a line of melamine products to complete its product offerings, with four design sets including dinner plates, salad plates and bowls.
"Tervis has unique, long-standing and close relationships with vendors due to our culture and our organization remains deeply committed to leaning on our core values and strong family legacy to uphold our brand for our customers and stakeholders far into the future," Fieber said.