Fortunoff Owes Diamond and Jewelry Industry +$6 Million
February 08, 09
The chapter 11 bankruptcy protection filing by Fortunoff Holdings, LLC reveals that it owes the industry more than $6 million. The top industry creditor is Michael Werdiger Inc., owed $992,232. The largest creditor is aluminum and wicker patio furniture manufacturer Hanamint Corporation, listed as owed $1.55 million.
The fallen retailer listed in its February 5 filing 1,000-5,000 creditors, assets of $100 - $500 million, and liabilities of $100 - $500 million. An affiliate company included in the filing is Fortunoff Card Company, LLC.
Among the top industry creditors - diamond dealers, jewelry manufacturers and watch makers - debts are more than $3.7 million.
It should be noted that among the creditors are firms that were listed in Fortunoff’s previous filing in February 2008. Among them are Michael Werdiger, Disons Gems and Dov Schwarz.
The top creditors are:
| Hanamint Corporation | $1,560,000 |
| Michael Werdiger, Inc | $992,232 |
| Agio International | $875,122 |
| Disons Gems Inc | $624,534 |
| Lenox | $622,318 |
| Swatch Watch | $589,921 |
| Gucci | $580,715 |
| Victorionx Swiss Army | $510,110 |
| Le Vian | $506,883 |
| Sunny Creations Limited | $491,502 |
| E Lee Martin | $482,631 |