A long time Omaha-based Jewelry chain filed for bankruptcy and plans to close all of its nine stores, including a store in Des Moines, Iowa.

Brodkey’s Jewelers, which has been around since 1880, filed Chapter 11 recently, claiming its stores are under-performing, and in order to pay creditors, they need to liquidate and sell their assets. Brodkey’s assets are between $500,000 and $1 million while its debts are figured to be between $1 million and $10 million. According to court filings, Brodkey’s already had pending court approval to hold sales with a liquidation firm. Brodkey has eight stores in Nebraska and one in Iowa.

Brodkey’s was once cited as Retailer of the Year in 2006 by the Nebraska Retail Federation.

As a business, sometimes filing for Chapter 11 bankruptcy is the best way to reduce your financial obligations. Contact our bankruptcy lawyers at Hong Law, PLC, at (319) 294-5853 to discuss how Chapter 11 bankruptcy can benefit you.