SF’s Derco Files for Chapter 11, Lists Creditors

San Francisco-based Derco, Inc., which operates three jewelry stores under the name Derco Fine Jewelers, filed for Chapter 11 at the U.S. Bankruptcy Court of Northern District of California December 26. Eurostar is its biggest unsecured creditor.

According to JCK Online’s Rob Bates, Eurostar is owed nearly $2 million. Other creditors he lists from the bankruptcy filing are:

Adir Ltd., $117,136.14;

Arslanian Freres, $294,183.73;

Daniel K, $216,453.50;

Eclipse Jewelry Corp., $213,882.50;

EFD (USA) Inc., $139,231.95;

EFD Diamonds Ltd., $320,768.53;

Etessami Bros. Corp., $395,862.32;

FIBI Fine Diamond Manufacturers, $317,500.00;

H. Pinashi, Inc., $118,454.61;

KGK Diamonds LLC, $277,858.62;

Koder Co., $449,826.63;

Olympic Diamond Corp., $607,307.17;

Ousher Lerner, $759,526.67;

Sachrida Styling, $152,769.44; 

Waldman Diamond Company, $216,131.65; 

WF Diamonds, Inc., $222,309.51.

The company also owes LaSalle Retail Finance $11 million.

Derco was founded in 1939 by Krikor Der Abrahamian, who moved to San Francisco in 1979 and opened a showroom in the new GiftCenter in 1983. The company says on its website that today, brothers Jack and Ohan Der Abrahamian manage the retail and manufacturing businesses in the United States, Antwerp and the Middle East.