Bailey Banks & Biddle Files for Chapter 11

RAPAPORT... The parent company of Bailey Banks & Biddle, whichclaims to be the US's oldest nationwide jeweler, has filed for Chapter 11bankruptcy in Texas, according to a court document. Houston-based BBB Group estimated both assets andliabilities of up to $50,000 in the November 6 voluntary petition. Joseph Trowbridge Bailey and Andrew Kitchen founded thecompany in 1832 as Bailey & Kitchen, according to its website. Over theyears, it created important pieces in US history, including a mortuary medal tomark the assassination of President Abraham Lincoln in 1865. It changed itsname to Bailey Banks & Biddle in 1878. Last year, the retailer became tied up in theinvestigation into an alleged bank fraud in Nirav Modi's global jewelry empire.The Indian tycoon's American businesses funneled proceeds from the allegedfraud into Bailey Banks & Biddle to fund its operations, a US court examinerclaimed. The company closed its stores in Dallas andPlano, Texas, last year, leaving it with just the one shop in Houston,according to its website. Jesse Aguinaga, attorney for the company, declined tocomment. Image: Bailey Banks & Biddle store in Houston, Texas. (Bailey Banks & Biddle)