On June 24, Tara Jewels LLC, a wholesaler based mostly in New York Metropolis, previously often known as Fabrikant-Tara, filed for Chapter 11 within the chapter court docket of the Southern District of New York.
Tara Jewels Holdings, which owns 100% of the corporate, was additionally launched. Tara Jewels Holdings is, in flip, owned by the Indian firm Tara Jewels Ltd., in response to a property declaration submitted with the presentation.
The chapter paperwork of Tara Jewels Holdings declare $ zero to $ 50,000 in property, and Tara Jewels claims $ 500,000– $ 1 million in property. Each corporations record $ 10 million– $ 50 million in liabilities.
The decision authorizing the 2 bankruptcies was signed by Rajeev Sheth, president and CEO of Tara.
He says that earlier than the presentation, the board "thought of the monetary and operational features of the corporate … [and] has reviewed the historic efficiency of the corporate, the markets for the services and products of the corporate and the present and long-term tasks of the corporate. "
In November 2018, collectors initiated insolvency proceedings towards Tara Jewels in India. The Indian firm couldn’t be reached for remark.
Richard T. Faughan of Kroll, a division of Duff & Phelps, has been appointed as the corporate's restructuring officer.
Its annual report says it has been a supplier of Signet, Blue Nile and Helzberg. The publicly traded firm has gained many export awards, in response to its web site.
The corporate's lawyer, Ronald J. Friedman of SilvermanAcampora LLP, didn’t reply to a request for remark.
Tara Jewels was often known as Fabrikant-Tara till 2015, when government director Matthew Fortgang left the corporate. The earlier 12 months, the corporate launched a line of knickknack with designer Zac Posen.
(Picture courtesy of the Southern District of New York)
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