Four Points Corp., the Louisville, Ky.–based chain that owns 30 Brendan Jewelers stores in eight states and others under the name JC Keepsake, has filed for Chapter 11. Assets are $26.8 million, debt is $52.1 million, according to a report in the Denver Post. The company, founded in 1998, purchased the Gross Diamond Center, JC Keepsake, and Only Diamonds chains that year.
Four Points is owned by David Elishayov, who also owns Israel diamond company and DTC sightholder L.I.D. Elishayov is the brother-in-law of Israeli mogul Lev Leviev, formerly a partner with L.I.D.
Sources suggest that L.I.D.’s association with Four Points did not work to both parties’ advantage because the merchandise Four Points could carry was limited.
Bob Nachman, national sales manager of L.I.D. New York, which is also in Chapter 11 but recently reached an agreement with its banks, said his company is unaffected by the filing. The company’s CEO, Lyle Rose, resigned recently.
Four Points and its bankruptcy attorney did not return phone calls from JCK.