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Charles & Colvard May Sell Assets for $1.5M
The proposed agreement follows the moissanite maker’s Chapter 11 bankruptcy protection filing last month.
A model wearing jewelry from Charles & Colvard’s lab-grown diamond “Couture” collection. The retailer has inked a proposed agreement to sell most of its assets following its recent bankruptcy filing.
Morrisville, N.C.—Moissanite maker Charles & Colvard has entered into an agreement to sell most of its assets to one of its lenders, though it will entertain other offers if they come along.
Van Lang Jewelry and its affiliate, Jewelry Design Partners, have offered to buy Charles & Colvard’s assets for $1.5 million, according to an April 20 filing with the U.S. Securities and Exchange Commission.
The assets include intellectual property, inventory, and fixed assets.
Charles & Colvard filed for Chapter 11 bankruptcy protection last month, faced with declining revenue, a drop in lab-grown diamond prices, rising metal prices, and increased competition from retailers like Brilliant Earth and Blue Nile.
The retailer secured a debtor-in-possession loan facility of up to $1 million from Van Lang Jewelry, as per an SEC filing on March 27.
Van Lang Jewelry, based out of San Jose, California, is owned by Duc Pham, a former director on Charles & Colvard’s board. He resigned from the board on March 25, as per an SEC filing.
Van Lang Jewelry is the stalking- horse bidder for Charles & Colvard’s assets, with the sale subject to bankruptcy court approval as well as higher or better offers.
“As the process unfolds, we expect to receive other proposals that will improve on the initial one,” Charles & Colvard board Chair Mike Levin told National Jeweler.
However, if a different bidder is chosen, Van Lang Jewelry could be entitled to a $45,000 break-up fee and up to $45,000 in expense reimbursement under certain conditions, as per court documents.
Van Lang Jewelry or Charles & Colvard can terminate the agreement under certain conditions if the deal does not close by July 7.
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Van Lang Jewelry and its affiliate, Jewelry Design Partners, have offered to buy Charles & Colvard’s assets for $1.5 million, according to an April 20 filing with the U.S. Securities and Exchange Commission.
The assets include intellectual property, inventory, and fixed assets.
Charles & Colvard filed for Chapter 11 bankruptcy protection last month, faced with declining revenue, a drop in lab-grown diamond prices, rising metal prices, and increased competition from retailers like Brilliant Earth and Blue Nile.
The retailer secured a debtor-in-possession loan facility of up to $1 million from Van Lang Jewelry, as per an SEC filing on March 27.
Van Lang Jewelry, based out of San Jose, California, is owned by Duc Pham, a former director on Charles & Colvard’s board. He resigned from the board on March 25, as per an SEC filing.
Van Lang Jewelry is the stalking- horse bidder for Charles & Colvard’s assets, with the sale subject to bankruptcy court approval as well as higher or better offers.
“As the process unfolds, we expect to receive other proposals that will improve on the initial one,” Charles & Colvard board Chair Mike Levin told National Jeweler.
However, if a different bidder is chosen, Van Lang Jewelry could be entitled to a $45,000 break-up fee and up to $45,000 in expense reimbursement under certain conditions, as per court documents.
Van Lang Jewelry or Charles & Colvard can terminate the agreement under certain conditions if the deal does not close by July 7.
Charles & Colvard’s product offerings include moissanite and other created gemstones as well as lab-grown diamonds and finished jewelry.
It has a premium moissanite brand, Forever One, and its Caydia brand of lab-grown diamonds.
Charles & Colvard sells its jewelry online and through retailers. It also opened its own store on its Morrisville, North Carolina, campus in 2022.
Levin said Charles & Colvard, which was founded in 1995 as C3 Diamante Inc., plans to stay in business, one way or another.
“As for what’s next, we’re using the bankruptcy process to reorganize and are moving forward, either on our own or with an industry partner,” he said.
“As that process provides, we welcome serious proposals from industry partners.”
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