Jewelry Retailer Shane Co., Files for Chapter 11 (Updated)
January 13, 09
Shane Co., a family-owned U.S. jewelry retailer, sought Chapter 11 bankruptcy protection on Monday in U.S. Bankruptcy Court in Denver, Colorado. According to court documents, the company owed $26.2 million to its 20 largest unsecured creditors.
Shane’s largest unsecured creditor is Dison Gems Inc., a New York company that's claimed $4.7 million. Leo Schachter Diamonds is owed $4 million and Eurostar Belgium’s claim is $2.7 million. Click here for the list of creditors holding 20 largest unsecured claims.
The retailer listed about 6,000 creditors including trade vendors, customers and employees. It listed assets and debt ranging from $100 million to $500 million.
The independent jewelry chain, established in 1971, said it bought its diamonds and gems directly from the cutters in Antwerp, Tel Aviv, Bangkok and Mumbai.
(Last update Tuesday January 13, 2009 4:26 am)