Report: Niwaka Files for Bankruptcy, Closes N.Y. Store
By JCK Online Staff -- JCK Online, 4/2/2009 11:35:00 AM
Japanese jeweler Niwaka is liquidating its U.S. operations and closing its store on Fifth Avenue and 49th Street, according to a report in Crain’s New York.
Under Niwaka USA Inc., the company filed for Chapter 7 on Tuesday, citing less than 50 creditors, assets between $100,000 and $500,000, and estimated liabilities of $1 million to $10 million, the business newspaper reports.
The fine-jewelry company opened its 3,000-sq.-ft., bi-level store on 608 Fifth Ave. in November 2007. The company originally had a store in SoHo, which closed in 2000.
Niwaka maintains a flagship in Tokyo, and specializes in bridal jewels.
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How can a company that, at max, has $500,000 in assets and, at minimum, have 1 million in liabilities? It just seems horribly irresponsible. I shudder to think that they may have even more debt...aren't bank loans linked to asset/inventory value? But then again, if they're using a lot of trade debt... Sadly, they barely moved to the new store in November of 2007.
Mall Jewelry Boy - 2009-2-4 13:36:00 EDT
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