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Ronco
HD Schulman International Trading LLC, doing business as Ronco, is an American company that manufactures and sells kitchen appliances. Ron Popeil founded the company in 1964, and infomercials for the company's products quickly made Ronco a household name. Popeil became known as the “father of the infomercial” and helped to establish the phrase, “Set it and forget it!” in reference to Ronco’s signature product: the rotisserie oven. The names "Ronco" and "Popeil" and the suffix "-O-Matic" (used in many early product names) became icons of American popular culture and were often referred to by comedians introducing fictional gadgets and As-Seen-On-TV parodies.
Ron Popeil was inspired to start the company by the open-market hustling he saw on Maxwell Street in Chicago during his youth. In the beginning, the company chiefly sold inventions developed by Popeil's father, Samuel "S.J." Popeil. Products include the Veg-O-Matic and the Popeil Pocket Fisherman, a product manufactured by S.J. Popeil's company. During the 1970s, Ron Popeil began developing products on his own to sell through Ronco.
In August 2005, Popeil announced his sale of the company to Fi-Tek VII, a Denver holding company, for $55 million. He was expected to continue working with the company as spokesman and product developer, but sold the company in order to have more time with his family. Fi-Tek VII changed its name to Ronco, and maintained the right of first refusal for Popeil's future inventions. He continued to develop and market inventions through a successor company, Ron's Enterprises.
Popeil Inventions, Inc. attempted to acquire the trademark on the phrase "set it and forget it," used in the commercials for the Showtime Rotisserie Grill (and "Household goods, namely, rotisseries, electric food dehydrators and structural parts therefor, namely, dehydrator trays and screens") on May 5, 2005, but had abandoned the application by June 5, 2006. The phrase has gone on to be used in popular culture, and has also been used as a trademark in the sale of many other goods.
On June 14, 2007, Ronco filed Chapter 11 in U.S. bankruptcy court. Paperwork filed showed that Ronco creditors, the largest of which was Popeil himself, were owed US$32.7 million.
In 2011, CD3 Holdings, Inc., a consumer products company, acquired Ronco.
On April 27, 2018, Ronco filed for Chapter 11 bankruptcy, seeking time to reorganize after failing to secure funding.
On June 13, 2018, Ronco changed its bankruptcy filing from Chapter 11 (reorganization) to Chapter 7, full liquidation and shutdown.
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Ronco
HD Schulman International Trading LLC, doing business as Ronco, is an American company that manufactures and sells kitchen appliances. Ron Popeil founded the company in 1964, and infomercials for the company's products quickly made Ronco a household name. Popeil became known as the “father of the infomercial” and helped to establish the phrase, “Set it and forget it!” in reference to Ronco’s signature product: the rotisserie oven. The names "Ronco" and "Popeil" and the suffix "-O-Matic" (used in many early product names) became icons of American popular culture and were often referred to by comedians introducing fictional gadgets and As-Seen-On-TV parodies.
Ron Popeil was inspired to start the company by the open-market hustling he saw on Maxwell Street in Chicago during his youth. In the beginning, the company chiefly sold inventions developed by Popeil's father, Samuel "S.J." Popeil. Products include the Veg-O-Matic and the Popeil Pocket Fisherman, a product manufactured by S.J. Popeil's company. During the 1970s, Ron Popeil began developing products on his own to sell through Ronco.
In August 2005, Popeil announced his sale of the company to Fi-Tek VII, a Denver holding company, for $55 million. He was expected to continue working with the company as spokesman and product developer, but sold the company in order to have more time with his family. Fi-Tek VII changed its name to Ronco, and maintained the right of first refusal for Popeil's future inventions. He continued to develop and market inventions through a successor company, Ron's Enterprises.
Popeil Inventions, Inc. attempted to acquire the trademark on the phrase "set it and forget it," used in the commercials for the Showtime Rotisserie Grill (and "Household goods, namely, rotisseries, electric food dehydrators and structural parts therefor, namely, dehydrator trays and screens") on May 5, 2005, but had abandoned the application by June 5, 2006. The phrase has gone on to be used in popular culture, and has also been used as a trademark in the sale of many other goods.
On June 14, 2007, Ronco filed Chapter 11 in U.S. bankruptcy court. Paperwork filed showed that Ronco creditors, the largest of which was Popeil himself, were owed US$32.7 million.
In 2011, CD3 Holdings, Inc., a consumer products company, acquired Ronco.
On April 27, 2018, Ronco filed for Chapter 11 bankruptcy, seeking time to reorganize after failing to secure funding.
On June 13, 2018, Ronco changed its bankruptcy filing from Chapter 11 (reorganization) to Chapter 7, full liquidation and shutdown.