Enesco

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Enesco, LLC
Type Private
Industry Giftware
Founded 1958
Headquarters Itasca, Illinois
Key people Matthew C. Bousquette (Chairman), William S. Guarisco (Executive VP), Sujata Luther (Executive Vice President)
Products Gift, Garden and Home decor products
Owner(s) Tinicum Capital Partners
Subsidiaries Gund, Department 56, Gregg Gift Company, Enesco Limited (UK), Enesco Canada, Enesco France
Website www.enesco.com
For the composer, see George Enescu.

Enesco (Enesco, LLC) is an American company specializing in the sales and distribution of giftware. The company was known as an industry leader during the 1970s, '80s, and '90s, as it carried the Precious Moments porcelain figurine line of products.

History[edit]

In 1958, Enesco was the import division for the N. Shure Company. Enesco was founded by its first President, Louis R. "Bob" Miller, Jr. When N. Shure was sold to Butler Brothers, the import division was spun off. The name "Enesco" was an acronym from the N. Shure company, "N S Co", and phonetically named his company "EnEsCo".[1] Thereafter, the company was sold three times, and in 1983 became a part of Stanhome, Inc. After separating from Stanhome in 1998, Stanhome immediately collapsed—leaving Enesco with all of Stanhome's assets.

Enesco is known in its industry for its 25 years of success with the Precious Moments porcelain figurine line of products. Freedman worked with original artist, Sam Butcher, to bring his designs to market. Enesco sales soared throughout the '70s, '80s, and '90s until its peak in 1997. But by 2004, Enesco, Corp. posted an operating loss of $15.7 million US dollars. The sales of Precious Moments items plunged from a high of $206 million in 1996 to $55.7 million in 2004, a drop of $27.5 million from 2003.[2]"Precious Moments revenues represented 22% of consolidated net revenues in 2004 compared to 33% in 2003," according to Enesco's 2004-2005 annual report. In 2005 Enesco ended its business partnership and license arrangement with Precious Moments, Inc.

Gene Freedman left Enesco in March 2005, but has been named "Precious Moments Ambassador" by Precious Moments, Inc. There was an extravagant[citation needed] retirement dinner scheduled for him, but it quickly became an employment celebration after PMI's announcement.[citation needed]

In 2006, only a year after the departure of Precious Moments, Enesco's fourth president, Cynthia Passmore-McLaughlin (formerly of Revlon) resigned. Enesco's stocks fell below US $1.00 and was unlisted from the NYSE. After a few months of over the counter trading, Enesco withdrew its public offering altogether. On January 12, 2007, Enesco filed for Chapter 11 bankruptcy protection.[3]

In February 2007, Enesco Group, Inc. was purchased by Tinicum Capital Partners Thus, becoming Enesco, LLC.[4]

Historical Enesco President/CEOs[edit]

  1. Louis R. "Bob" Miller, Jr (deceased)
  2. Eugene Freedman (deceased)
  3. Jeff Hutsell (resigned)
  4. Dan Dalmolle (deceased)
  5. Cynthia Passmore-McLaughlin (resigned)
  6. Basil Elliot (retired)

The status within the parenthesis is the reason for leaving, not their current status.

References[edit]

  1. ^ Enesco, LLC. "corporate information - about us". Archived from the original on 2007-12-17. Retrieved 2008-01-03. 
  2. ^ Carthage Press 2005
  3. ^ Schwartz, Meredith (2007-01-16:00 AM). "Enesco files Chapter 11". Home Accents Today. Retrieved 2007-01-17. 
  4. ^ Enesco, LLC (February 15, 2007). "ENESCO AND TINICUM CAPITAL PARTNERS ANNOUNCE COMPLETION OF ASSET SALE" (PDF). Archived from the original on 2007-10-16. Retrieved 2008-01-03. 

External links[edit]