Crescent Jewelers Files for Bankruptcy

Crescent Jewelers, the largest retail jewelry chain in the state of California, announced yesterday (Wednesday) that it has filed for Chapter 11 bankruptcy in an attempt to reorganize the company and restructure its debt.

The company intends to continue to conduct business as usual despite its financial woes. Customers, the company said, will continue to receive service without interruption.

After filing for bankruptcy at the U.S. Bankruptcy Court in the Northern District of California, Randy Poe, President and COO of Crescent said, “This is an industry with remarkable growth opportunities. At the same time, the debt burden incurred in the past has seriously limited Crescent's ability to move forward to capture increased market share”.

“We determined that the decision to pursue restructuring of our debt through Chapter 11 is a necessary solution, given current economic conditions and the current state of equity and debt markets. Restructuring our debt burden will provide the resources to continue to rapidly improve market share and customer count and to further enhance our product offering. It will also give us access to the operating capital to complete all phases of the turnaround,” Poe added.

Crescent Jewelers is a private company founded in 1936 in Oakland, California. With over 160 stores in six western states, Crescent is the largest jewelry retailer on the West Coast.