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Jeweller files for bankruptcy protection

Published on 6 Aug 2009 under category: legal

A fine jewellery retailer has filed for Chapter 11 bankruptcy protection.

This action has been taken by Finlay Enterprises and all of its wholly-owned subsidiaries, which may have required consultation with bankruptcy solicitors.

Arthur Reiner, chairman and chief executive officer of the company, commented this represents a "difficult day" for the firm.

He added: "We have arrived at this decision after careful analysis and believe it is necessary given the continued challenging economic environment that has resulted in our current business condition."

Mr Reiner also stated that the company would like to thank its employees as it thinks over its next move.

In other news which may interest bankruptcy solicitors, Adaltis, a medical device specialist, has filed for bankruptcy protection to affect an orderly liquidation of its assets.

However, the international vitro diagnostic company revealed that this is a voluntary action and it does not affect its operations outside of Canada.