Clark’s Fine Jewelry at 21st and Rock filed Chapter 11 bankruptcy this week. Court documents show $1,590,894 in assets and $1,037,437 in liabilities.
“For us to survive in a downturn economy we’ve had to reorganize our payments to pay our vendors in a fashion that is doable,” owner Gary Clark says. “That’s the purpose of reorganization.”
Clark says nothing has changed day to day at the business, which opened in 1946.
“Absolutely not,” he says. “We’re in business like we have always been.”
Clark says his problems began about a year and a half ago when gas prices went over $2.
He says the last several months have been good for business, though.
“It actually has turned quite a bit to a positive,” Clark says.
Last month, The Eagle reported that Legacy Bank filed suit to foreclose on the jewelry store.
Before that, Clark filed a lawsuit against a company that he says backed out of a deal to buy his property.
Clark says all legal action is stayed because of the bankruptcy.
He’s not sure of a repayment timetable yet, but Clark says, “It’s not a problem to carry it forward.”