SAVANNAH - Savannah-based Friedman's Jewelers, a publicly traded company with 653 stores across the Southeast, Mid-Atlantic and Midwest and roughly four-thousand employees, has filed for bankruptcy.
One of Friedman's stores is located in Gainesville at Lakeshore Mall.
The Chapter 11 filing was made Friday in the U-S Bankruptcy Court in Savannah.
The company says it made the decision after senior lenders last week reduced their cash flow to the struggling chain, after delayed inventory shipments caused the company not to meet its minimum sales goals.
Friedman's says the bankruptcy filing should provide the company the breathing room it needs to complete a financial restructuring plan.
Friedman's was started in 1920 and was family owned until 1990, when it was bought by Morgan Schiff, which also owns Crescent Jewelers of Oakland, California.
The Associated Press contributed to this story.
Thursday
May 23rd, 2024
7:38PM
