Samuels Jewelers, Inc., a jewelry retailer headquartered in Austin, Texas, with over 100 stores in 22 states, has filed a petition for relief under chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 11818). Samuels’ Petition reports an estimate $100–$500 million in both assets and liabilities, and reports that funds will be available for distribution to unsecured creditors. Samuels made headlines in May when it retained restructuring advisors shortly after the chairman of its parent company, Gitanjali Gems Ltd., was accused by Punjab National Bank (India) of defrauding the Bank of almost $2 billion dollars. A First Day Declaration has not yet been filed. Prime Clerk is the proposed claims and noticing agent. The case has been assigned to the Honorable Kevin J. Carey.
Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter. Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.