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Investors grab stake in bankrupt Fla. jeweler

August 06, 2008

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Westwood, Mass.—An investment capital company has acquired an ownership stake in Florida-based jeweler Henricks Jewelers, which filed for Chapter 11 bankruptcy protection last fall, but now plans to continue operations at its two stores in Bonita Springs, Fla., and Naples, Fla., rather than liquidate.

Kairos Capital Partners, which provides hybrid investment capital to retail and consumer products companies, announced on Monday that it has made an equity investment in Luxury Ventures LLC, which had partnered with Henricks Jewelers in 2003 in an effort to grow the company, which provides custom, in-house design and manufacturing capabilities in addition to its retail offerings.

The 26-year-old retailer of fine jewelry, operating under the name Henricks Jewelers, filed for bankruptcy in November 2007, but reached an agreement with its lender in March 2008 to continue operations rather than follow through on its original plans to liquidate.

The jeweler will use the proceeds from the Kairos deal to carry out its reorganization plan and continue business operations at its two locations. In turn, Kairos receives a major equity stake in the reorganized venture as well as three seats on the company's board of managers.

"Henricks Jewelers is a tremendous name in southwest Florida and we're excited to participate in its reorganization," Andrew Moser, co-founder and partner of Kairos Capital Partners, said in a company press release. "Most importantly, we look forward to serving the loyal customers of Henricks who stood by the chain during its many challenges. We also intend to make additional acquisitions, which will further enhance and leverage our platform and management team."

Kevin Waters, chief executive officer of Luxury Ventures, said it was always the company's intention to continue operations and to reorganize its finances successfully.

"This investment, and the tremendous support we've received from such a knowledgeable industry partner as Kairos Capital Partners, affords us the opportunity to carry out a successful reorganization and set the stage for continued and profitable growth," Waters said. "We appreciate their support and that of our trade creditors, employees and customers. Their continued confidence has been very satisfying."
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