Jewelry Fashion Reports

Save E-mail Print Most Popular RSS Reprints

Financially troubled, Speidel seeks to sell assets

By Michelle Graff
July 01, 2009

Providence, R.I.--Speidel LLC is the latest jewelry and watch manufacturer to fall victim to the economic crisis, with the 105-year-old company placed into receivership by a Rhode Island court on Friday.

According to court documents filed in Rhode Island Superior Court in Providence, R.I., Speidel Chairman and Chief Executive Officer Frederick N. Levinger filed a petition for the appointment of a temporary receiver--a legal action in which the receiver takes over the company to handle its assets and run its financial affairs--for Speidel on Friday, stating that the company is "insolvent and unable to meet its obligations as they become due" and is "far in arrears of payment of its obligations and there is a danger of dissipation and depreciation of the assets."

The court approved the petition the same day.

Also filed and approved on Friday was another petition from Levinger for temporary receivership for his two-store retail chain, Providence Watch Hospital LLC, a fine-jewelry retailer and repair shop with stores in Cranston, R.I. and Wakefield, R.I.

According to the petition, Providence Watch Hospital suffered from the same financial problems that brought down Speidel.

Court documents show that Allan M. Shine, an attorney with Winograd, Shine and Zacks PC who also served as receiver through the shutdown of another Rhode Island jewelry manufacturer, The Colibri Group, was appointed temporary receiver in both cases.

A hearing to appoint a permanent receiver is scheduled for July 16.

Shine said the plan is to liquidate both businesses and sell all the assets within 45-90 days, though no decision has been made as to how the sale will be conducted.

"We haven't determined the exact process by which we will sell the assets," Shine said.

In the meantime, all 47 employees have been let go, he said.

Founded in 1904 by Frederick Speidel, the Cranston, R.I.-based company manufacturers, markets and distributes watches, watch bands and pearl jewelry.

Levinger, who previously had served as CEO of The Colibri Group, purchased Speidel in 2007.
Save E-mail Print Most Popular RSS Reprints
Post a Comment
* Required field
* Author:
* Comment:
 

More Jewelry Fashion Reports

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

Singer snags six pieces at Madoff auction
Third-quarter gold demand up 15 percent
Custom jewelry may be the hottest 'brand' of all
Jewelry demand for platinum to rise in '09
More Jewelry Fashion Reports

More Like This

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