Samuels Jewelers Files for Chapter 11

One of America’s biggest jewelry retailers, Samuels Jewelers, has filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court in the District of Delaware.

The Austin-based Samuels Jewelers, the eighth-largest U.S. retail jewelry chain, has filed for bankruptcy on Monday, closed 10 of its 123 stores Sunday and fired about 50 employees.

The jeweler closed 10 of its 123 stores across the country Sunday, including two in Houston. Samuels expects business to continue as usual, and as of Monday, the company's five Austin stores were unaffected.

CFO, Robert Herman, said the company filed a reorganization plan and a debt financing agreement. “This is a positive step that continues to build on the successful turnaround effort we began over two years ago,” president and chief executive Randy McCullough said in a statement.

Last year, Samuels posted $122 million in sales and a net loss of $27 million.