Cincinnati Formica Corp., the company whose name was once synonymous with the decorative plastic laminate that covered most of America's kitchen countertops, has filed for Chapter 11 bankruptcy protection.
The company submitted the bankruptcy filing last month, noting that its operations would continue.
"Formica has a brand name that is an American icon, and it has the designs, products and employees to propel its growth," new Formica CEO Frank Riddick said.
Riddick noted that the niche for Formica's products had been "eaten away over the last 20 years" by consumer tastes leading to increased demand for other countertop surfacing products, including solid surfacing, engineered stone, granite and other natural stone products.
Prior to filing for bankruptcy protection, the company had undergone a number of well-publicized mergers, buyouts and corporate reorganizations, and had posted.