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.