Shane Co. Files For Bankruptcy

[Modified Brilliant]

From Business Week today:

http://www.businessweek.com/ap/financialnews/D95M94080.htm


www.metrojewelryappraisers.com

Sorry (spelling) should be "bankruptcy"

 

[BlueSki231]

never heard of them - but it''s kinda sad

hate to see a family business file for bankruptcy..

 

[neatfreak]

Date: 1/13/2009 5:26:07 PM
Author: Namaste
never heard of them - but it''s kinda sad


hate to see a family business file for bankruptcy..

Not if you knew how bad their products and CS often are...

 

[MichelleCarmen]

I grew up hearing The Shane Company's ads on the radio! They have store locations in the same region as me, and friends of mine have purchased jewelry there. One friend has a really pretty pair of studs from there. . .they do have a bad rap, but her earrings are amazing. She probably paid a fortune for them!

 

[cara]

Mainly, I am glad not to hear more Shane Co. radio ads!! Enough with the diamonds=love crap! (OK, I know they are just trying to earn a buck, but please. There must be a less obnoxious way.)

 

[MichelleCarmen]

Date: 1/13/2009 5:34:25 PM
Author: cara
Mainly, I am glad not to hear more Shane Co. radio ads!! Enough with the diamonds=love crap! (OK, I know they are just trying to earn a buck, but please. There must be a less obnoxious way.)

Are you in the northwest? We still have E.E. Robin''s ads! For a while they were running a speel on the radio about how not to trust the internet diamond vendors. . .lol

 

[that_someone_special]

I always remember their radio ads. I wouldn''t buy from them, but it''s sad when ANY company has to file. I am more worried about the employees.

 

[Hudson_Hawk]

I feel bad for the employees, but good riddance. They, like many other maul stores, sold a good deal of crap and what decent stuff they sold was waaaay marked up.

 

[mrssalvo]

wow..

 

[justjulia]

They are just restructuring. Kinda like Delta.

My jewels are from Shane and they are gorgeous. You just have to know what you want. I really have enjoyed their customer service.

 

[Dreamgirl]

The are based out of Colorado. I heard the news yesterday. But, you will still hear the radio ads, they aren''t ''closing up'' or anything like that. He isn''t even laying anyone off at this point either.....

 

[Tuckins1]

And another domino falls......
What a sad state of affairs.

 

[kittybean]

Filing for bankruptcy does not mean that they''re truly going under. It can be a smart business decision.

 

[AmberGretchen]

Yeah, sorry to all the employees and their families who will be affected, but not sorry to see them go...

 

[EricaR]

It will be interesting to see what, if anything, changes in their business model. I''ve seen some nice things in there, I''m just not willing to pay their prices.

 

[marcy]

I am very sad to hear this. I have many wonderful pieces from them - I picked most of them as loose stones and had them mount them. My diamond and my sapphires from them are gorgeous. I hope they survive.

 

[jewelerman]

Date: 1/13/2009 6:30:10 PM
Author: Dreamgirl
The are based out of Colorado. I heard the news yesterday. But, you will still hear the radio ads, they aren''t ''closing up'' or anything like that. He isn''t even laying anyone off at this point either.....

They already have layed off people...when I worked for Shane company they layed off people at several locations when things started to get bad...At the location I worked at they didnt have to layoff because people were quiting fasted they they could hire or train(bad management in my opinion)I must agree with Marcy...they didnt have the poor quality jewelry or service that mall stores have...they may have carried a selection of low clarity loose diamonds,but they also carried high end goods like AGS0 and major brand name settings that mall stores would never have...They have better quality Ruby and Sapphires then many jewelry stores.That being said its sad that poor business desions put them in bankruptsy.

 

[snlee]

I''m a little surprised by this. I''m feel bad for all the employees and their families affected but not sorry to see them go, and I definitely won''t miss those radio ads!

 

[DiamanteBlu]

It''s an 11, not a 7. They may be able to restructure themselves into continued operations. [Disclaimer: I know nothing about the company or their quality.]

 

[strmrdr]

Another in the list of many with more to come unfortunately.

 

[Lynnchee]

Awww, that''s sad! I hope they''re not truly going under.

That''s where we got my e-ring and I received the best customer service everrr.

Ironically, when I was first shopping for an e-ring I thought "ew, shane co? Whatever". But we went there one day on a whim. Walked in there and we worked on a custom Ritani - haven''t regretted a moment.


sniff sniff

 

[LtlFirecracker]

Not surprised, they opened in San Diego, and went out of business in less than a year.

I feel for people like MarcyC who loved that store

 

[marcy]

Date: 2/25/2009 11:08:18 PM
Author: LtlFirecracker
Not surprised, they opened in San Diego, and went out of business in less than a year.

Am feel for people like MarcyC who loved that store

Thanks Ltlfirecracker - I will be pretty sad if they end up closing but so far they are still operating their business as usual.

Lynnchee, I am glad you love your ering from there. I''ve always had pretty good service there too.

 

[Diamond*Dana]

I am not really familiar with them, only what I have read here since they are not in my area...but it is a shame that this is our economy right now. I don''t want to see any business go down and more people lose their jobs.

 

[richieb0723]

Circuit City filed for Chapter 11 also...take it for what it''s worth

 

[girlie-girl]

Shane Co. filed for a Chapter 11 Reorganization and are claiming to continue "business as usual" for the most part. If you want to read an update, here is a page about it:

http://www.shaneco.com/About/ReorganizationUpdate.htmx

 

[sonnyjane]

I can''t say I''m upset, but my ring set came from Shane Co. and I am extremely happy with both the set and the service I received. I searched for several months prior to making the purchase and never found a setting similar to the one I ended up picking. Like a few of the others said, if you were an educated consumer and knew what you wanted, it could be a positive experience. I''ll be interested in seeing what happens next.

 

[JGordon]

I stopped by the local Shane Co. (Denver, CO) on Sunday afternoon, and you''d never know they had filed for chapter 11. The place was SLAMMED. A ton of people came in to pick up/pay for their jewelry while I was there.

The girlfriend and I stopped by just to "look around" and "get a feel for what she likes" and wouldn''t you know it, I end up putting a deposit down on a setting.
That''s okay, she loved the setting, and as long as she''s happy I don''t particularly care about anything else. But since I discovered this forum on Monday, I''ve definitely drastically increased my expectations for diamond quality over what they had to show me at Shane Co that was within my budget. The things I can get from WhiteFlash or goodoldgold for the same/less money absolutely destroy what Shane had on hand.

Now I just need to call them up and figure out if they''ll set an outside stone into one of their settings and how that will affect the warranty. They should be willing to do it, the platinum setting the gf wants is $1300.

 

[marcy]

They will charge you about $2 per point and will guarantee their ring but not your center stone if you loose it. I just called the other day on a 1/2 for the same reason and they quoted me about $125. I have bought a lot of gemstones from them as well as my wedding rings and I am very pleased with them. Glad to hear business is still going well.