Website www.shaneco.com | Founded 1971 | |
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Profiles | ||
Shane Company or Shane Co. is the largest privately owned jeweler in the United States. The company is a direct diamond, ruby, and sapphire importer that operates 20 retail stores across the United States and their website ShaneCo.com. The company was founded in 1971, and is based in Centennial, Colorado.
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The company promotes their retail locations and website through radio commercials that prominently feature the company’s founder and CEO Tom Shane and the tagline "Now you have a friend in the diamond business."
History
Tom Shane graduated from the University of Colorado in 1970 with a degree in business administration. In 1971, he founded modern-day Shane Company, although his family has been in the jewelry business since The Great Depression. His grandfather, Charles Shane, launched the family into the jewelry business in 1929 when he purchased his first jewelry store in Cleveland, Ohio. Richard Shane, Tom Shane's father, joined his father and brother, Claude Shane, in the business after World War II. Several years afterward, Richard and Claude split their business interests into two large jewelry chains in the Midwest, opening the first stores with the name Shane Company. Throughout the following decades, Tom Shane grew Shane Co. from a one-store operation into a jewelry store chain with 20 locations in 13 states.
Bankruptcy
Shane Company filed for Chapter 11 bankruptcy on January 12, 2009 and closed three locations in Orlando, Florida; Morrow, Georgia; and Tukwila, Washington, on February 15, 2009.
On August 11, 2010, Shane Co. filed a Plan of Reorganization to repay 100% of all debts, placing debts to Tom Shane as the lowest priority. The bankruptcy judge called it "the ideal Chapter 11". On December 21, 2010, Shane Co. emerged from Chapter 11 bankruptcy protection.