Lugano Diamonds & Jewelry has filed for bankruptcy

Lugano Diamonds & Jewelry has announced that it has filed for Chapter 11 in Delaware bankruptcy court. Its bankruptcy proceedings follow about a dozen lawsuits filed in Orange County Superior and U.S. District courts in summer, according to multiple reports. The chain described its business in a statement as a “designer, manufacturer, and retailer of high-end jewelry.” It also stated it was seeking a buyer. The firm has asked a court to approve the sale of substantially all of its assets.

Lugano has announced that the company and certain affiliates have voluntarily filed for Chapter 11 relief in the United States Bankruptcy Court for the District of Delaware to facilitate a value-maximising sale transaction. Importantly, Lugano continues to operate in the ordinary course of business at this time. The firm said it would remain focused on continuing to provide exceptional service to its valued clients and the communities in which it operates.