Another jewelry retailer is opposite trouble. Ultra Stores Inc. which is the parent business of Ultra Diamonds, filed for Chapter 11 bankruptcy defence last week. The string of connections filed a "pre-packaged" bankruptcy with its vendors and banks and wants to appear from bankruptcy soon. The business will close 12 of its 181 shops and states it is opposite a liquidity shortage. It functions Ultra Diamonds and Premier Fine Jewelry shops as well as running permitted agencies in Burlington Coat Factory and Filene's Basement stores.
Ultra has said that its sales declined 10.8 per hundred for year completed February 1, 2009, which components in a fall of 18.9 per hundred throughout the winter vacation season. Ultra will function as a "debtor-in-possession" throughout the Chapter 11 proceedings, which means that it will mostly be enterprise as common for the chain. The business is recorded as as having $10 million to $50 million in assets but furthermore $10 million to $50 million in liabilities. It has protected $30 million in financing.
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