Romano’s Jewelers, a nine-store chain whose principal location is in Northridge, Calif., filed Chapter 11 earlier this month.
The chain said it filed Chapter 11 because it was "feeling the affects [sic] of the economic downturn," according to a statement from president and CEO Randy Abalkhad. "The Debtor intends to attempt to renegotiate several of its leases and depending on the outcome may downsize," the statement continued.
The company also made a motion to continue to purchase inventory from Branden and Co., d.b.a. R.J. Branden, a wholesaler founded in 2006 and owned by Abalkhad’s wife Malina.
Top trade creditors include Astra-Mechelin ($547,509), Krishna Diamonds ($524,250), Shefi Diamonds ($475,535), Kama Jewelry ($192,168) and AJs Fine Jewelry ($181,499.) The IRS is also owed $600,000.
The company’s website is currently listed as "suspended."