Jewelry Wholesaler Files for Bankruptcy

Tara Jewels LLC, a wholesaler based in New York, has filed for Chapter 11 bankruptcy protection.

Its parent company, Tara Jewels Holdings, Rapaport News reports.

Each company lists between $10 million and $50 million in outstanding debt.

In its June 21 filing, Tara Jewels states that it has between $500,000 and $1 million in assets. Tara Jewels Holdings states that it has up to $50,000 in assets.

The companies are part of Tara Jewels Ltd., which is based in India.

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Tara Jewels Holdings established its first U.S. diamond and gemstone wholesale jewelry division in 2006 by partnering with M. Fabrikant & Sons Inc. to form Fabrikant-Tara International.

The case was filed in U.S. Bankruptcy Court for the Southern District of New York (Manhattan).

Read more at Rapaport News