David Webb Files for Chapter 11 Bankruptcy Protection
June 28, 09
David Webb Precious Jewels Inc. filed on Tuesday for Chapter 11 bankruptcy protection. Among the company’s creditors the filing lists jewelry wholesalers Frank Mastoloni and Sons Inc. that is owed $333,700, and Dov Schwartz Inc., owed $165,553.
Other industry creditors listed in the court filing are P.H. Gems International and Marco Polo Precious Metals.
David Webb listed assets of between $10 million and $50 million and liabilities ranging from $1 million to $10 million. Its gross revenue from sales dropped to less than $5 million in the fiscal year.
The two stores are owned by the Silberstein Family Partnership.