Taunton’s Last Silversmith Declares Bankruptcy
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 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.