- Associated Press - Friday, February 20, 2015

TAUNTON, Mass. (AP) - There will soon be no more silversmiths in the Silver City.

Reed & Barton, the last and oldest silversmith company in Taunton will cease operations in the city later this year.

Chief Executive Officer Tim Riddle confirmed Thursday that the nearly 200-year-old business had filed for Chapter 11 bankruptcy protection and will close by June at the latest.

Riddle tells The Taunton Daily Gazette (https://bit.ly/1w52uAE ) he blames the company’s pension liability, which he pegs as high as $18 million.

Riddle says the company has a $15 million sales agreement with former competitor Lifetime Brands, but the deal does not include real estate holdings.

Reed & Barton currently has about 80 employees.

Taunton earned the nickname Silver City because of the large number of high-quality silversmiths located there in the 19th century.


Information from: Taunton (Mass.) Daily Gazette, https://www.tauntongazette.com

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide