Seng Jewelers LLC, located in Louisville-USA, filed for bankruptcy on August 18 under Chapter 11 of the U.S. Bankruptcy Code, which allows a company to reorganize, while continuing to operate, according to media reports.
In the bankruptcy filing, Seng Jewelers said it has liabilities between $500,000 and $1 mn and has assets between $1 mn and $10 mn.
Downtown businesses have been struggling this year due to the coronavirus pandemic, but Seng's ongoing financial struggles stem from lawsuits filed in 2019.
The high-end jeweller retailer, owned by father-and-son duo Lee and Scott Davis, was placed under an injunction for more than six months last year due to years of back taxes owed to the state of Kentucky.
Additionally, there are three pending lawsuits against the business, accusing the owners of not returning and not compensating clients for specific jewellery pieces.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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