Luxist

Dame Elizabeth Taylor's jewelry company has been in bad shape for a while now but now that she and Kathy Ireland have terminated their licensing agreements with House of Taylor it looks like the company is officially over. The company is reportedly insolvent and the loan company is threatening to take possession of all inventory. Both Ireland and Taylor were major shareholders in the company along with Jack Abramov, the former chairman, president, and chief executive officer, and Monty Abramov, former secretary and vice president, both of whom resigned from their positions in April. In May the company was delisted from Nasdaq and it will be forced to lose the Taylor name. Also, Lyle M. Rose, House of Taylor president and chief executive officer, left the company when they did not pay his salary, but is still hoping for a severance payment of around $150,00. Five other employees were terminated at the same time. The business will likely be liquidated. The company was in business for over three years and did create some lovely pieces such as the "Daisy" necklace shown above. 21/07/08