Last updated: Monday, June 30, 2008
TAYLOR QUITS JEWELLERY COMPANY
DAME ELIZABETH TAYLOR has been forced to walk away from her jewellery company after her designs failed to entice shoppers.
DAME ELIZABETH TAYLOR
The veteran actress and her House of Taylor Jewelry partner Kathy Ireland quit their California-based firm last week (begs23Jun08) after executives' efforts to revive the brand proved futile.
The pair owned a combined 49.5 per cent share in the company. But despite their stock options, generous licensing fees and personal involvement in the project, Taylor and Ireland have opted to turn their backs due to lacklustre profits.
The Nasdaq stock exchange delisted the company just last month (May08) as a result of its declining sales.
The firm now owes lender Connecticut-based New Stream Secured Capital a reported $11 million (GBP5.4 million), according to the New York Post.
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Source: WENN
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