Wired – Ruby’s jewelry company, which was founded in 1998 by four men, will close its doors after a $5 billion Chapter 11 reorganization.
The company said in a filing with the Securities and Exchange Commission on Tuesday that it will file for bankruptcy protection and close the company.
“The Company is facing substantial financial pressures, which is not reflected in the Company’s financial statements,” the filing said.
“It is difficult to forecast how it will perform under the new management.”
The filing comes just months after the company filed for bankruptcy and laid off about 6,000 employees.
The filing does not include any specific reasons for the closure.
The court filing did not indicate whether any other employees would be affected by the bankruptcy.
The Ruby brand includes gold, silver and jewelry, with the company operating in China, India and Europe.
It also makes watches, rings, bracelets and necklaces.
The bankruptcy filing comes after the stock price for the company surged more than 50 percent in January, as investors bet the company would succeed in its plan to turn around the company’s finances.
The market price for its stock rose by more than 2,000 percent in the same period.
The Company’s bankruptcy filing came amid a wave of bad news about the company, with reports that CEO Mike Ladd had been fired and that he was considering leaving the company as CEO.
In September, the company said it would close its two largest stores, and in November, it announced a restructuring plan that included layoffs.