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Jewelry Chain Crescent Files Bankruptcy

August 12, 2004|Julie Tamaki | Times Staff Writer

Crescent Jewelers, the state's largest retail jewelry chain, announced Wednesday that it filed for Chapter 11 bankruptcy protection.

The Oakland-based chain said it planned to continue to run the business and use the Chapter 11 process to restructure debt incurred over five previous operating years.

Crescent Jewelers said in a news release that it filed the petition in U.S. Bankruptcy Court in the Northern District of California "to reorganize the company and restructure its debt as part of its ongoing turnaround effort."

Crescent President Randy Poe added in the statement that, after careful consideration, "we determined that the decision to pursue restructuring of our debt through Chapter 11 is a necessary solution."

The company said it had been working with turnaround specialist Alvarez & Marsal.

The chain, according to the company's website, has 172 stores in six states, including 123 locations in California.

An employee of a Crescent Jewelers in Burbank said she was unaware of the filing Wednesday evening and declined to comment.

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