Hofmeister’s Personal Jewelers Inc. has filed a voluntary Chapter 11 petition for bankruptcy court protection.
The filing on April 13 was in an Indiana bankruptcy court. The company does business as Hofmeister’s Keepsake Diamond Center. It listed assets of $3.8 million and liabilities of $5.5 million.
Gems One Corp., at 25 West 45th Street in Manhattan, was listed as the top unsecured claim for inventory, valued at $1.1 million.
At the time of the filing, the firm listed no cash on hand and three separate business checking accounts: one with PNC Bank for $4,000; a second at Fifth Third Bank having a balance of $22,000 and the third one at Wells Fargo holding $3,326. Hofmeister listed accounts receivable at $221,404 and inventory at $3.2 million.
The company also listed business income, showing a high of $5.8 million in gross receipts for 2008. In 2010, gross receipts were within a similar range at $5.2 million, or about $1.3 million per quarter. But from the beginning of 2011 through April 11, gross receipts shrank to just $946,932.
Carter Hofmeister is listed as an equity security holder having 85.9 percent of the voting rights.