Diamonds Are Forever, But the Shane Co. Files for Bankruptcy

January 13 2009, 8:57 AM
It seems fewer young men can afford to drop on bended knee, profess their love to the woman of their dreams, and pop open a box of glimmering ring-bling. The Shane Co., known for its radio commercials featuring monotone CEO Tom Shane, has filed for Chapter 11 bankruptcy protection, according to the Denver Business Journal. The Centennial-based jeweler, founded in 1971, lists assets and debt between $100 million and $500 million in federal court documents and owes $26 million to its 20 largest creditors. The downturned economy and the state of the luxury-goods retail market created a cash crunch at Shane, according to attorney Caroline Fuller. In a statement, Tom Shane blames the holiday season, saying it "dramatically impacted existing liquidity" (via The Denver Post).