Famous watchmaker with huge licenses files Chapter 11 bankruptcy | Official Website of Louis Velazquez, entrepreneur, finance guy and tech innovator

As someone who spends a lot of time on cruise ships, I have always been surprised by the onboard retail focus on selling watches.

On Royal Caribbean and Celebrity Cruises ships, you see everything from sun-$100 Invicta watches to full-price Rolexes. You can buy affordable Citizen watches or splurge on a Tissot, or step up to a Hublot.

Watches are big business on ships and the overall demand (whether on land or at sea) has been increasing globally.

“The global watches market size was estimated at $66.38 billion in 2024 and is projected to reach $96.81 billion by 2033, growing at a CAGR of 4.3% from 2025 to 2033. This growth can be attributed to the rising demand for premium and mid-range quartz and mechanical watches, driven by consumers seeking precision, craftsmanship, and stylish everyday timepieces,” Grand View Research shared.

Another estimate for Business Research Insights shows an even more optimistic growth path for the watch industry.

“The global watch market is poised for significant growth, starting at $85.33 billion in 2025, rising to $92.51 billion in 2026, and projected to reach $191.24 billion by 2033, with a CAGR of 8.41% from 2025 to 2035,” Business Research Insights shared.

The research showed a clear demand for one type of watch.

“Quartz and mechanical lines held 68.46% of total watch market share in 2024, driven by demand for traditional craftsmanship,” the report shared.

Key market trends and insights

By region, Asia Pacific held a market share of 49.14% in 2024.
The U.S. watch market is expected to see a CAGR of 4.2% from 2025 to 2033.
By type, analog watches led the market with a revenue share of 91.69% in 2024.
By end user, men led the market with the largest revenue share of 76.05% in 2024.
By distribution channel, the offline sales held the highest market share in 2024.

Despite this growing market, E. Gluck, which owns the Armitron and Torgoen brands, and also makes watches under license for a number of major companies, has filed for Chapter 11 bankruptcy.

E. Gluck files Chapter 11 bankruptcy

E. Gluck, which makes the official clock of the New York Yankees, filed for bankruptcy protection on Dec. 1 in a Manhattan bankruptcy court.

Founded by late Holocaust survivor Eugen Gluck in 1956, the company blamed consumers moving away from traditional watches, thanks to the rise of smartwatches and other devices, as the reason for its filing.

The company has an inspiring beginning.

“The story of E. Gluck Corporation is one of character and uncompromising spirit. It begins amidst the dark shadow of 1940s Europe with a man and a promise. Faced with the horrors of Auschwitz, a young Eugen Gluck made a promise: ‘I’m going to survive this. And I’m going to show you how human beings are supposed to treat each other.’ And he did,” the E. Gluck website shared.

As he moved into his new life, Gluck never forgot his promise.

“After settling in NYC, Mr. Gluck and his wife Jean set out to embody the American dream: first with a bakery and then with a watch business. That business grew to become an industry leader, embracing technology and forward-thinking design to carve out a foothold in the American zeitgeist. Yet as the company expanded, Mr. Gluck never lost sight of his original promise to put people first,” the company posted.

More Bankruptcy:

The company’s bankruptcy filing could mean the end of that mission, but the plan is to reorganize and keep operating.

“E. Gluck Corporation, a New York, NY-based watch manufacturer and distributor, filed for chapter 11 protection on December 1, 2025, in the Southern District of New York The petition estimates the company has between 1 and 49 creditors and between $10 and $50 million in both assets and liabilities,” RK Consultants posted on X, the former Twitter.

Watch sales have generally been rising.

Shutterstock

E. Gluck bankruptcy at a glance

E. Gluck filed for Chapter 11 bankruptcy protection on December 1, 2025, according to an official PacerMonitor link to filings.
The company cited shifting consumer behavior, specifically declining interest in traditional watches due to growth of smartwatches and digital devices, as a key driver of its financial distress, Business Insider reported.
Another major factor: a failed move into the wearable tech/accessories space. E. Gluck had acquired WITHit (a maker of wearable tech accessories) in 2021, a bet that “did not deliver the benefits that management anticipated,” according to court filings.
As of October 2025, E. Gluck’s liabilities reportedly exceeded its assets ($36 M in liabilities vs. slightly under that in assets).
Under Chapter 11, the company aims to restructure, likely shedding unfavorable contracts, exiting non-profitable lines (like the failed wearables business), and streamlining operations in hopes of continuing its core watch business. Source: Pacer Monitor

Proprietary/owned watch brands

Armitron: the core mid-price watch brand founded and manufactured by E. Gluck.
Torgoen: An aviation-inspired, direct-to-consumer pilot-watch brand acquired by E. Gluck in 2019. Source: Egluck

Licensed and fashion-brand watch lines

E. Gluck manufactures and distributes watches under license for a number of fashion brands. These include, but are not limited to, the following:

Anne Klein
Nine West
Juicy Couture
Vince Camuto
Badgley Mischka
Joseph Abboud Source: Egluck

So historically, E. Gluck served as manufacturer / licensee for many well-known fashion labels, producing their branded watches under contract.

Wearable-Tech & Accessory Brand

WITHit: In 2021, E. Gluck acquired a controlling interest in this Las Vegas–based company to enter the smartwatch/wearable-accessory market. WITHit designs and manufactures bands, protective accessories, and other add-ons for smartwatches and wearable devices (e.g. bands for Apple, Samsung, Fitbit; protective covers; cases). Source: Egluck
Under WITHit, E. Gluck made moves to expand its portfolio beyond traditional watches, offering wearable-tech accessories under some of its licensed fashion brands (e.g. making designer bands / accessories for smartwatches under brand names like Anne Klein or Vince Camuto) to reach customers migrating from classic watches to smart devices. Source: GTR Magazine

E. Gluck’s Chapter 11 filing can partly be blamed on its failure to capture a meaningful share in the smartwatch space.

“One of the most significant drivers of the global wristwatch market is the rapid adoption of smartwatches, fueled by consumer demand for multifunctional and health-focused devices. According to the Health & Fitness App Report 2.02 trillion people have registered to use the Fitbit app, with 38 million users actively engaging with it at least once a week,” Research and Markets shared in a press release.