Fashion

Save E-mail Print Most Popular RSS Reprints

House of Taylor in default for $3.9 million

May 09, 2008

Similar Stories | Topics

Washington—House of Taylor Jewelry has received a notice of default on a $3.95 million loan from its senior lender, New Stream Secured Capital, according to a U.S. Securities and Exchange Commission filing.

The May 6 filing contained excerpts from a letter written by New Stream Capital, which entered a loan agreement with House of Taylor on Oct. 12, 2007. In addition to the jewelry manufacturer not meeting its minimum financial obligations for the periods ended Dec. 31, 2007, and March 31, 2008, other default issues arose from the "transfer, conveyance and/or disposition of certain of its assets without the consent of the lender," the letter said.

"While we have previously supported and continued to support the borrower's attempts to liquidate its inventory in order to repay the lender, the sending of this letter should not be construed to limit the right of lender to act without further notice to borrower...in accordance with the terms of the loan agreement and the other financing agreements and applicable law..." the letter said.

House of Taylor's common stock was delisted from the Nasdaq Stock Market Inc. as of April 24 based upon its failure to pay the listing fees and its delayed filing of its annual report.
Save E-mail Print Most Popular RSS Reprints
Post a Comment
* Required field
* Author:
* Comment:
 

More Fashion

Lori Bonn Design hires new execs

Oakland, Calif.--Lori Bonn Design has announced the addition of two new executives to its growing operation, with the company saying the move will enable Lori Bonn Design to fully capitalize on the considerable expansion it expects to undertake in the next year and beyond. Read More

Trent West, Penney's settle tungsten carbide suit
Singer snags six pieces at Madoff auction
More Fashion News

More Like This

House of Taylor shutting down
June 25, 2008 | National Jeweler Network
House of Taylor crumbling
June 24, 2008 | National Jeweler Network
House of Taylor receives Nasdaq notification
April 21, 2008 | National Jeweler Network
House of Taylor names new president, CEO
April 14, 2008 | National Jeweler Network
HOTJ stock price not Nasdaq-compliant
November 01, 2007 | National Jeweler Network

Design Portfolio

advertisement

Video

Small multi video player located on right rail of NJN site

advertisement

Sponsored by:

Retailer Toolbar

America's Best Jewelers
Join the ONLY Social Network for Jewelry Retailers. Get access to expert content, peer best practices, and more.
Start networking today.
Newsletters
Newsletters
Topic-specific newsletters that deliver the latest news on jewelry, diamonds, wholesale operations and high-volume buying directly to your in-box.
Reader Connect
ReaderConnect
Supplier information presented with every article, bringing you related, actionable content on every topic.
Jewelry Yellow Pages
Yellow Pages
A comprehensive listing of associations, organizations, suppliers and services for the jewelry industry.
Classifieds
Classifieds
A comprehensive listing of job postings, product offerings and other materials for sale for the jewelry industry.
NJN Customer Connect
CustomerConnect
The most sophisticated suite of marketing services available for jewelry retailers, from Internet tools to data marketing.

advertisement