The Jules R. Schubot jewelry store in Troy, Michagan has filed for bankruptcy with a going out of business sale planned through February, according to a local news source.
First started by Jules Schubot in 1917, the store has been passed on from Jules to his son, Douglas, and currently operated by Jules’ grandson, Brian Schubot, who holds 95 percent of the business.
The company filed its petition for Chapter 11 bankruptcy October 27th in U.S. District Court’s Eastern District.
It listed $2.8 million in assets and $3.7 million in debt.
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