Local company selling assets to competitor
GLOVERSVILLE – One of the last remaining glove manufacturers in the area, Grandoe Corp., has begun to sell assets of the business to Totes-isotoner, another glove manufacturer.
The sale may lead to layoffs of some of the 30 employees at Grandoe later in the year, but Grandoe’s president says the business is still in operation.
“We are pleased to announce that the Grandoe, Cire and Smartdogs brands have recently become part of the Totes-isotoner family of brands,” the Grandoe website said.
Grandoe Corp. President and CEO Eric Friedman said a lot of the information regarding the sale of assets is subject to a confidentiality agreement and couldn’t be disclosed at this time. He said he expects more information will be available in July.
“Totes-isotoner is the company that has acquired certain assets of the business; specifically, those assets are confidential and I’m not allowed to talk about them,” Friedman said.
“We should have everything somewhat finalized by the end of the month,” Friedman added.
“Even though we have sold off certain assets, we still have things we have to take care of here,” Friedman said. “We still have a product here we have to sell.”
The company – located on Bleecker Street and Grandoe Lane – produces leather gloves, ski gloves and footwear for major department stores, specialty apparel chains and independent specialty stores throughout the United States and Canada.
Friedman said the approximately 30 employees working for the business will take their usual two-week holiday at the end of this month.
“The people that are working have that time off, then they will return because we will have product that were shipping and have sales that we are making,” Friedman said.
“Over time, the fulfillment of the orders will transition to Totes-isotoner, but we still have work to do, so the people that are employed to do that work will continue to do that, but over time, as it transitions, there will be less of that work,” Friedman said.
He said the workforce will be reduced as the work dwindles near the end of the year.
Friedman said Grandoe still owns the two buildings and all property other than inventory within the buildings.
Grandoe is considering whether to sell the buildings at a later date, he said.
Grandoe was established in the late 1800s and is still under the ownership and direction of its founding family, now in its fourth- and fifth-generations.
“Grandoe products are going to be prevalent in the market this fall just as they always have been, and the only difference is they will be serviced from inventory we already built and new inventory that is being built by Totes-isotoner to cover all the orders that we have booked with our customers,” Friedman said. “The business is continuing on. It is just going to be in a different form.”
A museum of glove industry items at Grandoe that was once open by appointment has been closed, Friedman said.
A representative of Totes-isotoner media relations didn’t return emails seeking comment.