speidel

Watchband Maker Goes Into Receivership

Filed under: Jewelry, Timepieces / Watches

More bad news from the hard hit watch/jewelry world. This time it's jewelry manufacturer and watchband seller Speidel. The Rhode-Island-based company filed for receivership last week and all the employees have been laid off . The company's assets will be put up for the sale in the next 90 days. JCK Online reports that the company's largest creditor, Sovereign Bank, is owed $4.4 million.

Speidel also owns the watch repair company Providence Watch Hospital which is now also in receivership. The Providence Journal reports that people who have left items for repair will be notified about how to claim their pieces. The company employed seven watchmakers and five technicians who serviced 55,000 timepieces a year.

UPDATE: Speidel's assets have been sold to private equity firm Cerce Capital for $1.65 million.

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Tags: speidel, watchbands, watches