By  on July 24, 2009

Jewelry brand Penny Preville has gotten a new lease on life from NEI Fashions LLC.

The U.S. Bankruptcy Court in the Eastern District of New York on July 13 approved the sale of the business assets of JPPS Inc., doing business as Penny Preville, to NEI Fashions for $1.5 million. Court papers in November said assets totaled $7 million, while liabilities totaled $8.5 million.

Designer Penny Preville and Jay Siskin, president of the firm, have formed a partnership and licensing agreement with NEI’s principal, John Nanasi. The partners purchased the entire Penny Preville inventory, including all memo inventories and all assets of the former company.

Sales, marketing and advertising will continue to be under the Penny Preville trademark.

Preville, which is sold at retailers including Neiman Marcus, London Jewelers and Lux Bond & Green, filed for Chapter 11 bankruptcy protection in October.

Based in Great Neck, N.Y., Preville is known for her feminine diamond jewelry that ranges from intricate filigree necklaces with diamonds to cuffs and earrings in the same vein. The company recently launched a bridal collection, rife with engagement rings and assorted bridal jewelry.

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