Retail Watchers

IKEA Furniture, Lenovo products, and $550,000 worth of Snuggie wearable blankets are still stuck on the container ship Ever Given that was stuck in the Suez Canal.

Egypt has impounded the ship for months. It is possible that the Snuggie company could go bankrupt due to this. The company only orders shipments of Snuggies twice a year. Without this shipment, the company is having cash flow problems. They may not survive. We could see the end of Snuggies forever.

No wonder why IKEA is having trouble restocking.

They can’t put the containers on another ship?

Egypt wants $600 million from the ship's owners for blocking the canal. The ship's owner disputes this. Egypt is holding the contents until the company pays. There is little hope those goods will be released this year.

Sounds like a few companies need to threaten a major lawsuit for theft against whoever in the country thinks they can take the items hostage (since the items being held don't belong to the people who run the ship, which is the company that they are supposed to be going after).

The owner of the ship and the insurer have reached a settlement. The ship will sail on July 7.

Do people still buy Snuggies?