Gem TV Files Chapter 11 & Gem-Metrics Poll
First off please be sure to take the Gem-Metrics Poll on the lower right of the website, thank you very much.
Secondly, this is an unusual announcement considering the last thing heard was a bid to buy another TV show, but
Gems TV files for Chapter 11
Wilmington, Del.–Multichannel electronic retailer Gems TV (USA) Ltd. has filed for Chapter 11 bankruptcy protection, a month after the company announced it was ceasing operations while its parent company bid to acquire a stake in rival Jewelry Television.
Documents filed Monday in the U.S. Bankruptcy Court for the District of Delaware in Wilmington, Del., indicate that Gems TV has struggled to maintain profitability since its inception, and the recession exacerbated these problems as U.S. consumers cut back on discretionary spending.
But, according to the article and other sources, it does appear that the JTV Deal is still plausible and in the works. This, I just do not understand at all! Smells like most of the Bail-Out fiascoes to me personally, lol. Not sure how one can expect to get out of paying all its creditors, yet be allowed to turn around and pay Multi-Millions or Multi-Billions of dollars for another Company when you obviously couldn’t even keep your own Company afloat!!??? Not to mention all the supposed filings for protecting this and that smell far more like a “swap” of businesses, get rid of the garbage(one failing) and replace it with a working one, all on the dime of everyone else instead of on their own dime. Now, of course, this is just one writer’s opinion of the situation, and I could very well be incorrect in my hypothesis, but I have always went by the old saying, “if it walks like a duck, smells like a duck, and looks like a duck, then it probably is a duck.” You read the facts and decide for yourself.