Shane Co. Jewelry Store Files For Bankruptcy

By: Associated Press
By: Associated Press
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DENVER (AP) -- Colorado-based jewelry store retailer Shane Co., has filed for Chapter 11 bankruptcy protection, saying the business had a disappointing holiday season.

The company filed paperwork Monday in U.S. Bankruptcy Court in Denver and asked to be able to continue paying its 542 employees in stores in 14 states, including two in Colorado.

The court filings show the company has between $100 million to $500 million in estimated assets and liabilities.

CEO Tom Shane said in a statement that the severity of the past holiday season "dramatically impacted existing liquidity," forcing the company to file for bankruptcy.

The company listed about 6,000 creditors. Its largest creditor was listed as New-York based Dison Gems, Inc., with about $4.7 million.

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