Report: Niwaka Files for Bankruptcy, Closes N.Y. Store

Niwaka's Fifth Ave. storeJapanese 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.