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House of Taylor to close
Company has run into severe financial losses
By: Diamond World News Service
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Jun 26 2008 11:54AM
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Reference: 2760  

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The House of Taylor has run into severe financial difficulties, which do not allow it to sustain its business anymore. Following which, the company has filed for closure with the Securities and Exchange Commission (SEC).

The company has in a short span of time seen the resignation of its chief executive officer, as it was unable to pay his fee and the loss of its licenses to its branded lines—Dame Elizabeth Taylor and Kathy Ireland. Interplanet Productions Ltd., which introduces Elizabeth Taylor's jewellery line in the market filed with the SEC its license termination with House of Taylor. Also, Ireland's company, Sandbox Jewelry LLC, filed for termination.

House of Taylor said that its debt figures were over $11 million and lacked working capital to continue its business. It has accordingly granted possession of its collateral to New Stream, the SEC filing shows. "House of Taylor hereby surrenders, delivers and grants to lender peaceful possession of the collateral wherever located, and the products and proceeds thereof," the 8K filing states.

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