Henry Dunay Designs Files Chapter 11
Filed under: Jewelry
High-end jewelry has been taking it on the chin lately. We've seen several top tier jewelry design companies file for bankruptcy and now one of my favorites has gone Chapter 11. National Jeweler reports that Henry Dunay Designs filed at the U.S. Bankruptcy Court of the Southern District of New York in Manhattan citing that it has 100 and 199 creditors with assets between $1 million and $10 million and liabilities between $1 million and $10 million.I had a chance to view Henry Dunay's designs at the JCK show in Las Vegas in 2008 and meet Mr. Dunay personally. He's no newcomer to the jewelry world, He started as an apprentice at the age of 14 in New York and has spent over 50 years in the jewelry business, launching Henry Dunay Designs back in 1965. Since then he was won dozens of awards for his designs (including being named the world's best jewelry designer by the Robb Report in 2000 and 2001) and his pieces have appeared in countless magazine spreads and in his coffee table book, "Henry Dunay A Precious Life."
For jewelers dealing in couture design, this economy has been particularly brutal. Materials including gold and gemstones continue to be expensive, production costs are rising but sales are falling. Dunay sells in stores which have been experiencing decreased business including Neiman Marcus and Bergdorf Goodman. Hopefully Henry Dunay Designs will be able to survive this rough patch and get back to the business of making beautiful jewelry.
