Gems TV USA files for bankruptcy
from Professional Jeweller
Gems TV USA has filed for bankruptcy protection a month after the company announced it would wind down its operations in the U.S. ending what it called an "operational cash burn." In court the company applied for Chapter 11 bankruptcy protection and listed assets of $51.2 million and debts of $120 million. It claimed that rising gold prices had affected margins so severely that it had been left struggling to maintain a sufficient level of profitability to maintain operations in the U.S. and satisfy lenders.
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