Brodkey’s Jewelers filed for Chapter 11 in Nebraska district court on Feb. 4. The nine-store Midwest chain is hoping to sell its assets.
“After an extensive review of its operations, [Brodkey’s has] determined that its business is under-performing and that the immediate wind-down thereof, the closure of its stores, and sale of the assets is necessitated,” company lawyers wrote in a motion.
The motion asks that Buxbaum Jewelry Advisors be appointed agent for this sale.
The sale will “select either a liquidator to conduct the sales of the assets or an outright purchaser of the assets,” the papers said.
Its largest unsecured trade creditors include: consulting firm Consensus Advisors (owed $225,000); Pandora Jewelry ($174,000); Star Ring ($127,000); Citizen Watch ($120,000); Ema Jewelry ($113,000); Kiran Jewels ($110,000); SDIL ($109,000); and FD Worldwide Merchandise ($109,000).
Also included in the bankruptcy is Artcraft Mining Co., which runs a special order business without a storefront, as well as parent company Brodkey Brothers.
The CEO presiding over the bankruptcy, Oliver Keene, only joined the company in May. Three months later, it received $3 million in financing from Salus Capital Partners. Keene could not be reached for comment at press time.
Brodkey’s PR agency did not have a comment at press time. The Omaha, Neb.–based chain was founded in 1880.