The American Safety Razor Company has filed for bankruptcy and plans to sell off to its lenders unless an offer comes along for the company during a September auction. The company has produced shavers and surgical blades since its inception in 1875.

American Safety Razor has blamed its losses on the ever increasing amount of competitors offering discount wet shavers, usually at a lower cost to make. They also sited that the loss of their largest client, whose name was not revealed by American Safety Razor, added to the increasing debt they saw.

American Safety Razor Files Bankruptcy

The company stated that it had $100 million in tangible assets and a debt that ranged from $500 million to $1 billion, making the possibility of erasing that debt virtually impossible at this time. The company was bought in 2006 by Lion Capital LLP for $658 million in cash and debt.

American Safety Razor has stated that they are the fourth largest manufacturer of wet shavers and was the first to introduce the safety razor to the United States. With such history, it is a sad thing to see a company fall like this one has, but that is the sign of the times.