Jules R. Schubot Inc. Files Chapter 11

Jules R. Schubot Jewellers, a Michigan jewelry store with a 92-year history, has filed for Chapter 11 bankruptcy protection, and The Gordon Co. is conducting its going-out-of-business sale, court documents show.

Documents filed in U.S. Bankruptcy Court for the Eastern District of Michigan in Detroit show that the jewelry store, which operates in Troy, Mich., has assets of about $2.79 million and liabilities of about $3.65 million.

Its estimated number of creditors is in the one to 49 range, with debt to the trade including a $15,574 unsecured non-priority claim held by diamond jewelry manufacturer A. Link and Co., New York, N.Y.; a $23,754 unsecured non-priority claim held by bridal jewelry manufacturer Memoire Corp. in Skaneateles, N.Y.; a $19,795 claim held by Gemveto Jewelry Co., in New York, N.Y.; and a $22,000 unsecured non-priority claim held by Padulo International, a Naples, Fla.-based advertising consulting agency.

According to the store's Web site, Schubot.com, Jules Schubot founded Schubot Jewellers in 1917, with his son, Douglas, joining the company in the late 1940s.

Douglas Schubot took over as president in 1970, and he and his wife, Sydell, continued the family business.