Enesco

Enesco

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Enesco

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

Historical Enesco President/CEOs

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History

In 1958, Enesco was the import division for the N. Shure Company. When N. Shure was sold to Butler Brothers, the import division was spun-off. Founding President Gene Freedman derived the acronym from the N. Shure cargo, "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 it's 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 retirement dinner scheduled for him, but it quickly became an employment celebration after PMI's announcement.

In 2006, only a year after the departure of Precious Moments, Enesco's fourth president, Cynthia Passmore-McLaughlin (formerly of Revlon) resigned. With this, Jim Shore, the second best selling products after Precious Moments, dissolved its contract with Enesco. 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 EGI Acquisition, LLC, an affiliate of Tinicum Capital Partners II, L.P. Thus, becoming Enesco, LLC.^[4]