Krementz did not go out of business entirely but underwent significant changes in recent years. Founded in 1866, the company experienced a decline in sales during the late 20th century due to various factors like changing consumer preferences and increased competition. Consequently, Krementz ceased its manufacturing operations in Newark, New Jersey, in the mid-2000s. However, the brand adapted to the evolving market by focusing on different aspects of the industry such as licensing agreements with other manufacturers instead of producing their own pieces.