The IGI Lab will facilitate faster, easier and better inter-market communication and certification in the jewellery industry from Panjagutta – Hyderabad.
David Webb Inc. has filed for Chapter 11 bankruptcy protection at the U.S. Bankruptcy Court for the Southern District of New York in Manhattan. Its lowered sales have not been able to absorb the high operational costs, or pay off its debts and expenses, owing to the market slowdown. In the fiscal year that ended June 30, 2009, gross revenues from sales amounted to less than $5 million, as compared to gross revenues worth $13.25 million in the previous fiscal. %% On June 18, a Board decision was taken to file for Chapter 11. The filing notes 50-99 creditors, assets valued between $10 million to $50 million, and liabilities worth $1 million to $10 million. The 61-year-old family-owned retail and manufacturing jewellery company has stores in Manhattan and Beverly Hills, Calif.
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