House of Taylor shutting down
June 25, 2008
By Michelle Graff
West Hollywood, Calif.—California-based jewelry company
House of Taylor Inc. is closing up shop, a filing on Wednesday with the
Securities and Exchange Commission (SEC) shows.
Acknowledging that it is more than $11 million in debt to New Stream Secured Capital LP and "does not have sufficient working capital to continue its business," House of Taylor granted possession of its collateral to New Stream, the SEC filing shows.
"[House of Taylor] hereby surrenders, delivers and grants to lender peaceful possession of the collateral wherever located, and the products and proceeds thereof," the 8K filing states.
The SEC filing goes on to state that House of Taylor "knowingly waives any rights...to notice and a hearing before any court of competent jurisdiction and consents to lender's possession, sale, transfer, license or other disposition of or realization on the collateral."
The end of House of Taylor does not come as a surprise following a week in which it lost the licenses to both its branded lines—Dame Elizabeth Taylor- and Kathy Ireland-branded jewelry—lost its chief executive officer because it couldn't pay his salary and lost its name, literally.
In a
filing with the SEC on Tuesday, the company that brings actress Elizabeth Taylor's jewelry line to market, Interplanet Productions Ltd., terminated its licensing agreement with House of Taylor, meaning the company lost both the right to sell Taylor-branded jewelry and the Taylor name.
Ireland's company, Sandbox Jewelry LLC, filed a similar termination notice the same day.
Both companies cited House of Taylor's financial problems as the reason for the termination.
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