Leo Robbins & Sons, Inc. Files For Chapter 11
December 08, 09Specialty jewelry retailer Leo Robbins & Sons, Inc. has filed for chapter 11 bankruptcy protection. The Philadelphia-area retailer, which operates under the name Robbins Diamonds, already faced an involuntary Chapter 7 bankruptcy petition filed by five diamond companies in mid November.
Two New York-based companies, Leo Schachter Diamonds LLC and Sandberg and Sikorski Corp. (doing business as A. Jaffe), and three Ramat Gan, Israel-based companies, Salant Group Ltd., A.D.R. Kropveld Diamonds Ltd. and Yerushalmi Bros. Diamond Ltd., filed the joint petition November 16 in U.S. Bankruptcy Court for the Eastern District of Pennsylvania in Philadelphia.
According to a summons filed in the case, Robbins Diamonds is required to submit a motion or answer to the Chapter 7 petition within 20 days.
In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the owners of the company. In Chapter 11, in most instances the debtor remains in control of its business operations.
According to Jewelers Alert Board, Leo Robbins & Sons top 20 unsecured creditors are:
Salant Group - $899,700
R&R Grosbard, Inc - $257,679
Leo Schachter - $182,772
Overseas Diamonds - $159,496
True Romance $119,595
Yerushalmi Bros. $106,913
Moshe Namdar $90,435
B. Nemirofsky & Son $75,754
Golgen West Mfg $61,542
Ema Jewelry $60,243
A.D.R. Kropveld $60,000
Yehuda Diamond Co. $58,285
Scott Kay, $55,724
Comcast Spectacor $49,355
WRFF-FM $48,678
Waldman $47,989
Lazare Kaplan $41,938
WMMR-FM $41,550
Ashi Diamonds $38,907
Ostbye $38,473