NEW YORK -- Bankruptcy Judge Jeffry Gallet has postponed until Wednesday a hearing to approve the proposed purchase of Ciro Inc. by two Goldman, Sachs & Co. units for $6.5 million.

The hearing to consider the offer was originally scheduled for last Friday.

Ciro Inc. a fashion jewelry chain which operates jewelry stores under the Ciro and Kenneth Jay Lane names, is in Chapter 11. The Goldman, Sachs offer, being made through its Pearl Street L.P. and Cerberus Partners L.P., was revealed earlier this month.

The deal has the support of unsecured creditors, but one lawyer close to the negotiations said last week that sweeter offers from other possible purchasers could surface at the hearing.

-- Fairchild News Service

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