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


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).

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