UPDATE: Speidel Files Bankruptcy, Now Up For Sale
Rob Bates, JCK Senior Editor -- JCK Online, 6/29/2009 5:50:00 PM
Following jewelry manufacturer Speidel’s filing for receivership last Friday, all its employees have been laid off and the company’s assets are now up for sale, the company’s new receiver, Providence lawyer Allan M. Shine, told JCK.
Receivership is “a state court version of bankruptcy,” Shine said.
Shine said that “right now as receiver, I don’t have available cash or capital to operate the business.” So the company’s assets are going up for the sale in the next 90 days.
The company’s largest creditor, Sovereign Bank, is owed $4.4 million, Shine said.
Also filing is Providence Watch Hospital, the watch repair comany which was purchased by Speidel in 2001
In petitioning for receivership, owner Fredrick N. Levinger said that the company "is insolvent and is unable to meet its obligations as they become due."
Speidel, a 105-year-old manufacturer of watch bands and other accessories, was purchased by Levinger, the former owner of Colibri, two years ago.
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Speidel has been around for 105 years. It has changed
hands at least 6 times. Somebody will have it back up
and running before too long. I have been one of their
reps for 27 years. Mistakes have been made and a new
owner can look back and learn from them. There is a great product line, a loyal following, and nearly 30
sales reps ready to go out and resume their careers.
The Speidel brand is still viable. Look for a new leaner and smarter Speidel.
Ed Oberlander - 2009-2-7 02:21:00 EDT -
Since 2001 Speidel has made so many mistakes.Now with the most recent events, Hadley Roma is having a field day.
Speidel will loose even more market share...how could this destruction happen ?
Dominic C - 2009-1-7 17:00:00 EDT -
as a long time sales rep I am deeply saddened by the
recent events. 29 years is a long time.I hope the new
owners do not follow the previous owners mistakes.
speidel is an american institution.Its a great product.
we have had lot's of changes in the past 12 yrs. Mostly
bad. JRM is the good guy. All the reps all good people.
we look now for different ways to supplement our income.I hope our company comes back stronger than ever.to our loyal customers---thank you
howard m batwin - 2009-1-7 15:19:00 EDT -
We were a long time customer with Speidel then the change of ownership occured and it was all dooooownhill from there.
Danson - 2009-1-7 12:05:00 EDT -
Sadly, another brick has fallen from the wall this industry has built.
If the foundation is weak, even the most structurally sound sound elements will become dislodged.
I feel for those who lay beneath the debris.
The landscape continues to change....
Marc Cohen - 2009-1-7 09:10:00 EDT
Speidel Purchased
09/30/2009Did Memo Cause Recent Bankruptcies?
08/01/2009Speidel acquired in management buy out
12/22/2002Interview with New Speidel Owner
02/09/2010Speidel Acquired in Management Buyout
02/28/2003
