Home Products International files Chapter 11 - HFN

Home products International made plastic products for storage, home organization and laundry care, as well as ironing boards.
CHICAGO — Home Products International – North America has filed for bankruptcy, citing rising resin and steel prices and an inability to sell the company, according to Crain’s Chicago Business. The U.S. manufacturer made plastic products for storage, home organization and laundry care, as well as ironing boards.
“The debtors utilize resin to produce plastic storage products and steel to produce ironing boards. The price of resin and steel has been extremely volatile during the past two years, with resin prices doubling and steel prices tripling,” CFO James Auker said in one filing, according to Crain’s. “The debtors have had only moderate success passing along those price increases to its customer base.”
Auker continued, “At this point, seemingly nothing will change the trajectory of the plastics and ironing board business lines. Neither resin nor steel prices are expected to moderate sufficiently in the near future. The supply chain crisis is not expected to change in the near future.”
HPI was unable to sell either its plastics or ironing board lines, and its lenders were unwilling to cover its operating losses, Crain’s reported. Among its customers are Walmart, Target and Amazon, it said.
Founded in 1952, HPI has estimated sales of $180 and is No. 52 on Plastics News’ list of North American injection molders, Crain’s reported.
On LinkedIn, Honey-Can-Do’s Steve Greenspon said he was “saddened to learn of the closing of a company which I greatly admired … HPI was one of the leading companies in the category which I hoped to emulate when I started Honey-Can-Do International LLC and HPI was a gold standard for professionalism with an incredible team and product line … For many years (decades perhaps), HPI was the North American marketshare leader and the last U.S. manufacturer of ironing boards in addition to being a leading provider of plastic storage products. HPI has also been a valued longtime member of the International Housewares Association and their leadership in the industry will be missed.”
Andrea is passionate about home design, and has covered the home furnishings industry for most of her journalism career. She is the Executive Editor, Design, of Designers Today; in addition, she also serves as the Managing Editor of HFN and Lighting Editor for Home Accents Today. Andrea lives in beautiful Brooklyn, where she could very well be the only person without a tattoo.
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