Shane Co. emerged from bankruptcy Wednesday,
after the 20-store Denver-based jeweler spent 21 months in Chapter 11.
The United States bankruptcy court for the District of
Colorado approved the retailer’s reorganization plan today. It had been filed in August,
after numerous delays.
The new plan calls for the company to remain open and for Tom
Shane to continue as its president and CEO.
“I am confident and proud to say that from day one we were
vocal with our commitment to repay in full every dollar owed,” Tom Shane said in a statement.
“Our court approved plan has allowed us to live true to that commitment.
We have navigated through this difficult economy and are now on stable ground
for the future.”
The company first filed for Chapter 11 in January 2009,
citing the declining economy. Consensus Advisors advised the creditor’s committee.