Earlier this evening, I heard on KXL that Shane Company Jewelers is about $26 million in debt and has filed for bankruptcy. The dominoes just keep falling!

"You've got a fair weather friend in the diamond business!"

The Shane Company paid for a heck of a lot of ad time -- its gotta hurt. But radio survived Tom Peterson's Stereo Super Store implosion. (Or did they?)

Tom and Gloria's still on 82nd and Foster?

It's a mere shell of what it once was.

Did you guys and gals know that Tom Peterson had a cameo appearance in "Mr. Holland's Opus", which was filmed in Portland. He was the Parade Announcer.

This from the Oregonian:
"Jeweler Shane Co. files for Chapter 11

Retail jeweler Shane Co., which operates one store in Oregon, sought Chapter 11 bankruptcy protection today in U.S. Bankruptcy Court in Denver.

In court papers, the Centennial, Colo.-based company said it owed $26.2 million to its 20 largest unsecured creditors. The largest unsecured creditor is Dison Gems Inc., a New York company that's claimed $4.7 million.


Overall, the company listed about 6,000 creditors along with assets and debt ranging from $100 million to $500 million. The 38-year-old family-owned chain operates 23 stores in 14 states.

Well known for chief executive Tom Shane's jingle, "now you have a friend in the diamond business," the jeweler offers a free lifetime guarantee on its diamonds, rubies and sapphires. The company's lawyer, Caroline Fuller of Fairfield & Woods of Denver, did not return a call to The Oregonian seeking details of the bankruptcy and whether the company will continue to honor its jewelry guarantees."

This is just the start....many will follow. In their case the merchandise will be in the millions, but imagine what they owe the big 4 radio groups with that many locations and spending over a million in EVERY market! I thought my media bills were heavy. WOWWWWWW as Johnny use to say. I never like to see this because it puts hardship on the vendors. In this industry there are more small vendors than large. They can't absorb waiting it out and will go under. The guy opened too many too quick during the hey day, when the clock stopped with the Paulson announcement it came to a crashing stop. In these type of operations you can't change and get skinny fast. It is impossible.
Hope they make it, I have many friends hanging on to a last grasp of hope.

http://denver.bizjournals.com/denver/stories/2009/01/12/daily9.html?ana=e_du_pap

Thank god. Maybe now he will cut back on the annoying radio ads.

Mc74, Mr. Sensitivity 2009.

Hard lessons on growing a successful business. Hopefully in the long run he along with others will streamline their operations, still offering quality products and service to keep customers coming back.

It's one thing to get to the top of the mountain, it's another to maintain it.

I am never happy to see any radio advertiser hit the skids.

While there are certainly ads that get under our skin, I have yet to hear of anyone marching into payroll and demanding not to be paid the percentage of their check represented by those clients.

noe yo've got a friend in the radio business!!//??

I didn't mind the Shane ad's but I did want to reach through the radio and strangle that mortgage guy, Hayes Barnyard!

While I am sure he generated some revenue for you guys, he was an instant dial changer for me!

There were a lot of paychecks that were covered by Mr. Shanes spots. Sad day in radio.

Hopefully the radio stations involved AR departments were at least current with them and not 90 or 180 days past due!

I found the Shane commercials a lot more palatable than those for Lenox Financial "the biggest no-brainer in the history of Earth!!"

Is 62kgw Djfrresh?

..and Tom Shane won't be telling us about 'No Middle Men' now...

...hate to be one of the many radio station who depended on that account for revenue

Its not surprising That The Shane Co. is going bankrupt and it shouldn't surprise anyone.
This Vanity shit is the last thing on peoples minds. They have more important things to worry about like LOSING THEIR JOB!
I know people that are so desperate for money that they are taking their Shane Company "Ring" and selling it on EBAY.