David Harvey Jewelers files for bankruptcy protection in credit dispute



Despite posting a profit in its last recorded financial year, David Harvey Jewelers filed for bankruptcy protection against creditors late last month after disagreeing with an entity over terms.

Company President Jeffrey Roseman told Hearst Connecticut Media that the company intends to remain in business while it goes through the legal process.

David Harvey Jewelers lists a history going back four generations to the start of World War II, with Fred and Anna Roseman’s purchase of Gleason Jewelers in Bridgeport. In 1963, the Rosemans’ son Harvey purchased David Pinkas Jewelers in Norwalk – which dated back to 1914 – and consolidated the businesses there as David Harvey.

David Harvey Jewelers purchased its Norwalk site in 1991 and, under current President Jeff Roseman, in 2008 opened what has since become its flagship site in Darien. David Harvey put his Wall Street storefront in Norwalk up for sale last year, with Roseman not saying definitively whether that location would remain open in the event of a purchase.

In a Monday interview with Hearst Connecticut Media, Roseman described the bankruptcy filing as a “protective action” with a creditor he declined to identify by name, and stressed that the company remains profitable and will stay open.

“What’s been heartwarming is the positive response from our suppliers who have…very encouraging,” Roseman said. “We will get through this. … I want customers who trust us to know that we are not going anywhere.

David Harvey lists nearly $1 million in debt to TDBank that is secured by his assets, with no other creditor owing more than $100,000. The company owes nearly $50,000 to the state of Connecticut and $23,000 to digital subsidiary Hearst Media Services of Hearst Corp. , with the Redwood City, Calif.-based company that provides small businesses with lines of credit.

In a Chapter 11 filing late last month in Connecticut bankruptcy court, David Harvey Jewelers LLC listed assets of $3.2 million, much of it in the form of inventory, and a equal amount of debts and other liabilities. Last week, the company asked a judge to allow it to use around $50,000 in cash at its discretion, arguing that it won’t be able to stay in business without being able to tap into that reserve.

The company estimates sales at nearly $100,000 for the two-week period through April 8, with the company expecting a profit of nearly $5,000 for the period. For the 12 months ending September 2017, the last full fiscal year for which it reports revenue, sales totaled $2.7 million and repair services just over $600,000, with the company reporting a profit of $150,000 for the period.

A first meeting of David Harvey’s creditors is scheduled for April 22 in New Haven, with creditors having until July 22 to file proof of any claims with the US Bankruptcy Court for the District of Connecticut.

[email protected]; 203-842-2545; @casoulman



Comments are closed.