MONET FILES CHAPTER 11
NEW YORK — The Monet Group Inc. on Thursday filed for Chapter 11 bankruptcy court protection in Delaware.
According to the filing, the costume jewelry manufacturer estimated total liabilities of over $100 million and assets of between $50 million and $100 million. Monet’s affiliates, Monet Group Holdings Inc. and Monet Sales Corp., also filed petitions.
Monet, which has offices in the Empire State Building here, was founded by General Mills Inc. in the Seventies. It filed for Chapter 11 in 1993 under the name Crystal Brands. Chase Capital Partners purchased the company in 1994.
According to the petition, unsecured financial creditors include: London Pacific Life and Annuity Co., Raleigh, N.C., $18.8 million; C.B. Capital Investors, New York, $10.6 million; and Chemical Ventures Inc., New York, $9 million. Unsecured trade creditors include: A&H Manufacturing Co., Johnston, R.I., $177,031; Gems Resources Enterprise, New York, $97,138; and P. Craft Jewelery, Attleboro, Mass., $64,683.
No other financial information was available. In recent months, Monet laid off 200 workers from its Rhode Island plant.