Shreve, Crump, & Low; High End Jewelers Goes Chap 11.
The parent company of Boston jeweler Shreve, Crump & Low --Tyringham Holdings Inc.-- blames high remodeling costs and the jewelry store's relocation for a decline in business for which it was forced to file Chapter 11 on September 6.
Tyringham also owns the Schwarzschild Jewelers chain in the state of Virginia, which consists of three store locations in the Richmond area.
Prior to Christmas season 2005, Tyringham invested more than $7 million to relocate and remodel one of two Shreve brand stores. The store also commissioned a hand-made Steuben sculpture for a central design element. Revenue fell some $1.5 million following the move. Tyringham's 2005 revenue clocked in at $31 million, down 26 percent from year 2000, and net losses came in at $9 million, up from $648,000 in year 2003, according to court papers.
Court documents list assets at $24.8 million and liabilities at $24.3 million.
Tyringham has been soliciting bids for both chains and allowed four companies to conduct due diligence in 2006. Tyringham reports having signed "a pact" with Carlyle & Co. Jewelers of North Carolina, following a $9.8 million proposal to buyout only the Schwarzschild chain.
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