It is located in Marin County, California.
Tara Jewels Files for Chapter 11 Bankruptcy
The New York-based wholesaler and its parent company owe creditors between $10 million and $50 million.
New York—Wholesaler Tara Jewels LLC and its parent company, Tara Jewels Holdings, have filed for Chapter 11 bankruptcy in federal court in New York.
Tara Jewels is wholly-owned by its parent company, which is owned by Tara Jewels Ltd., an Indian company that operates a chain of retail stores. A court in Mumbai, India began insolvency proceedings against Tara Jewels in November 2018 on behalf of its creditors.
In the bankruptcy case in the U.S., New York-based Tara Jewels claims between $500,000 to $1 million in assets while Tara Jewels Holdings lists between $0 to $50,000.
Both entities have liabilities in the range of $10 million to $50 million, court documents show.
Chapter 11 bankruptcy is sometimes called “reorganization” bankruptcy, as it generally gives the debtor time to put a plan in place to repay its debts while, at the same time, restructuring the business so it can continue.
Richard T. Faughnan of Kroll, a New York-based corporate investigations and risk consulting firm, has been named chief restructuring officer in the Tara Jewels case. He declined to respond to National Jeweler’s request for comment on the proceedings.
A meeting of creditors is set for the afternoon of July 23 at the Office of the U.S. Trustee in U.S. Bankruptcy Court in New York.
Tara Jewel Ltd., which started as a jewelry manufacturer, began its wholesale operations in 2006 when it partnered with M. Fabrikant & Sons.
In November 2006, M. Fabrikant & Sons and its subsidiaries filed for Chapter 11 bankruptcy, but its foreign and domestic affiliates were not included in the filing.
Fabrikant-Tara filed for bankruptcy protection then and again in 2008, according to court documents.
The company continued to operate as Fabrikant-Tara until 2015, when then-CEO Matthew Fortgang, the former CEO of M. Fabrikant & Sons, left and it dropped the Fabrikant name.
Tara Jewels has been a supplier for Walmart Inc., Signet Jewelers Ltd., Blue Nile, and Helzberg Diamonds, according to its annual report, and collaborated with designer Zac Posen on the jewelry line sold through Blue Nile starting in fall 2014.
Tara Jewels’ attorney did not respond to National Jeweler’s request for comment on the bankruptcy filing.
The Latest
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.