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Monday, January 12, 2009

Retail Bankruptcy: Shane Jewelry

by Calculated Risk on 1/12/2009 05:18:00 PM

These will become too common to list them all ... the story also notes ShopperTrak is predicting that retail sales will likely drop 4 percent in the first quarter.

From Bloomberg: Shane Co., U.S. Jewelry Retailer, Seeks Bankruptcy

Shane Co., the family-owned jewelry retailer with 23 stores in 14 states, sought bankruptcy court protection blaming “disappointing” holiday sales and a “grim” outlook on the deepening U.S. recession.

The 38-year-old company, based in Centennial, Colorado, listed both assets and debt of $100 million to $500 million in Chapter 11 documents filed today in U.S. Bankruptcy Court in Denver.
Note: The Census Bureau will release Q4 retail sales on Wednesday, and those numbers are guaranteed to be UGLY.