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Shane Co. closes three stores

April 01, 2009

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Denver--Bankrupt Colorado jewelry chain Shane Co. closed at least three of its underperforming locations on Feb. 15, the company has confirmed to National Jeweler.

These locations include the retail jeweler's Orlando, Fla., Morrow, Ga., and Tukwila, Wash., stores.

Shane Co. filed for Chapter 11 bankruptcy protection in January, with the company citing disappointing holiday sales and a lack of liquidity.

At that time, the company issued a statement that it planned to continue to do business without interruption as management worked on a plan to pull the chain out of bankruptcy.

The family-owned Shane Co., which also has been known throughout the years as Western Stone and Metal Corp. and Midwestern Stone and Metal Corp., once operated 25 stores in 17 states, according to National Jeweler's 2008 State of the Majors report.

As of Wednesday, however, the Shane Co. Web site listed only a total of 20 store locations. The fate of two of the five stores remains unclear.
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