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Jewelry retailer Friedman's to liquidate
NEW YORK, April 4 (Reuters) - A federal bankruptcy judge on Friday ordered Friedman's Inc to liquidate its inventory, as the 88-year-old operator of 455 jewelry stores prepares to shut down.
Friedman's said the sale would involve $400 million of inventory at 377 Friedman's and Crescent stores in 23 U.S. states. The company said it was in talks to sell its other 78 stores. The sale will last 10 to 12 weeks, Friedman's said.
The liquidation was ordered by U.S. Bankruptcy Judge Christopher Sontchi, who sits in Wilmington, Delaware, court records show.
Addison, Texas-based Friedman's had been the subject of an involuntary Chapter 7 bankruptcy petition in January, but later converted the matter to a voluntary Chapter 11 case. The bankruptcy was Friedman's second in three years.
It wasn't immediately clear how many employees might be affected by the liquidation. As of Jan 25, when Friedman's and Crescent together were operating 473 stores, the company employed more than 3,490 people, court papers show.
A Friedman's spokeswoman did not immediately return a call seeking comment. (Reporting by Jonathan Stempel; Editing by Braden Reddall)
