Legendary jewelry designer Henry Dunay just spoke to me about his company’s Chapter 11 filing Monday. He was obviously not happy about the situation, but also resolute, vowing his company would come out of Chapter 11.
“We are going to reorganize the company and go forward,” he said. “We are going to be back and better than ever. I am sure of it.”
His immediate hope is to get new investors in the company, and he said he is in talks to do that.
As for his current problems, the main one was, of course, the drop in demand. Dunay said his sales were off some 60 – 65%.
“We just hit a wall with nobody buying and nobody paying us,” he says.
But he said that was exacerbated by the industry’s reliance on memo.
“Memo is one of the main reasons I had to do this,” he said. “I don’t mind if somebody calls me and says I have a customer looking for something special. But when it sits in the store for a few months just to fill in the window, that is killer.”
For now he vows to carry on as usual.
“I will still make new pieces,” he said. “This has been 50 years of putting my life into this. I am not a golfer. I am not a tennis player. I make jewelry.”
Indeed he does. And we wish him a speedy resolution to his current woes.
[By the way, I’ve had a lot of requests for a creditor list. None has been made public yet. But I will disseminate it when it comes out.]