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Monday, May 18, 2009

Another one bites the dust

Luxury bath fixture company Waterworks has filed for Chapter 11 bankruptcy. Existing in its modern form since 1978, the company capitalized on the high-end bath remodeling trend of the late 1990s and early Aughts with rapid expansion.

Waterworks has quickly closed 20 stores in the past month with intentions to keep another 18 open. Given that any economic recovery will be excruciatingly slow, especially in the upper reaches of the housing market, such plans seem unrealistically optimistic.

[The Advocate]

8 comments:

nkp said...

I keep hearing this kind of thing on a daily basis. Slow recovery is an understatement! My BIL just got notice that GM is not renewing the contract at the small, family-owned dealership where he is the finance manager. Time to look for another career. :-(

Awesome Sara said...

i wish i could get something there.

Camilla @ Designalogue Blog said...

Great name for this biz!

TheBeautyFile said...

wow! But really not shocking considering their outrageous prices...I mean really, a bath towel for $50?? Puh-lease!!

Decorina said...

What Beauty File said.

erin@designcrisis said...

$50 bath towels?!!!!!

Hell to the no. Survival of the fittest.

Sorry about nkp's BIL, though :(

hmstrjam said...

oh no! they have the best toothbrushes!

hello gorgeous said...

Holy Shizzle!!

I am soooooooooooooo behind!!!!!!!!!

Waterworks??!!

*tear*