House of Taylor Closes Doors - July.2008
Showing Celebrity Can’t Sell Everything
House of Taylor has executed a "Peaceful Possession of Collateral"
with its main lender New Stream Secured Capital, leaving debts exceeding $11
million.
New Stream now owns what is left of the company. The company says it has been
forced to close its doors because it had no longer had access to operating
funds.
Celebrities Dame Elizabeth Taylor and Kathy Ireland have
already terminated their licensing agreements with the company, after claiming
that the company was insolvent.
The failure of the company shows that even two big celebrity names aren’t
enough to sell jewelry.
Likewise, jeweler Fred Leighton, who also boasted many celebrity
clients, also recently declared Chapter 11. v
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