The jewellery company David Webb Inc. last year had filed for Chapter 11. But this year, the company has managed to come out of that, after being bought by three jewellers namely: Mark Emanuel, Sima Ghadamian and Robert Sadian. All three of them have a lot of experience behind them in the jewellery industry. The U.S bankruptcy court of the Southern District of New York Manhattan saw the hearing of its $11million sale to the trio this May.
This $11 million includes $7.5 million of finished items, while the remaining $2.75million is supposed to go toward the debtor’s secured claim, and the last $250,000 is to pay for the rental charges that were incurred. This portion will be disbursed only after further orders by the court. In the previous year, the company claimed to have $10.3 million in assets, and $6.9 in liabilities. This brand was established by David Webb and Nina Silberstein in 1948, and has been owned by the Silberstein family since 1975.
The company’s flagship stores are in the posh Madison Avenue in Manhattan, and at the Regent Beverly Wilshire Hotel in Beverly Hills, California. Their designs are mostly inspired by nature and have been worn by legends such as Grace Kelley and Elizabeth Taylor.
Via: NationalJewelerNetwork
