Christian Bernard Begins Liquidation
Updated 1/20
By JCK Online Staff -- JCK Online, 1/16/2009 6:48:00 PM
A U.S. Bankruptcy Court in Newark, N.J., has ordered the liquidation of the Christian Bernard jewelry chain.
Judge Novalyn L. Winfield approved a plan on Jan. 16 for the complete liquidation of the company's assets as presented by attorney Charles Forman, trustee for Christian Bernard, according to a statement acquired by JCK.
Under the terms of the court-approved plan, the company re-opened its stores Jan. 20. A joint venture of The Gordon Company, Ft. Lauderdale, Fla, Tiger Capital, Boston, SB Capital Group, Long Island, N.Y., and Bobby Wilkerson, Inc., Stuttgart, Ark., are operating Christian Bernard Jewelers while overseeing the inventory and asset liquidations. A multi-million dollar court authorized bankruptcy liquidation sale has begun.
Christian Bernard abruptly closed all of the chain's fifteen stores and filed for Chapter 7 bankruptcy on Dec. 26, leaving employees with no jobs or paychecks and customers without word on their merchandise. As the trustee, Forman said he will oversee the re-opening of the stores and management of the liquidation sales in accordance with the U.S. Bankruptcy Court ruling. The Christian Bernard Board of Directors and its chief executive officer, Isabelle Fabian, have relinquished all authority for the daily operation and management of the firm, according to the statement.
Forman said he has paid the back wages of all Christian Bernard employees and will re-hire a number of the associates to work through the liquidation sales.
Forman's firm is in the process of responding to consumers who've tried to contact the stores about the status of their property, and requests that anyone that doesn't hear back within the next few days contact him by email, cforman@formanlaw.com, or by telephone at 201.845.1000.
Christian Bernard sales associates have all been offered the opportunity to return to work through the liquidation sales.
Christian Bernard stores are located at the Stamford Town Center in Stamford, Conn.; West Farms in Farmington, Conn.; Roosevelt Field Mall in Garden City, N.Y.; Walt Whitman in Huntington Station, N.Y.; The Court at King of Prussia in King of Prussia, Pa.; White Flint in Kensington, Md.; Fair Oaks Mall in Fairfax, Va.; Georgetown Park in Washington, D.C.; Tyson's Corner Center in McLean, Va.; Lynnhaven Mall in Virginia Beach, Va.; South Park Mall in Charlotte, N.C.; Saint Louis Galleria in Saint Louis; Water Tower Place in Chicago; and Woodfield Mall in Schaumburg, Ill.
