Michelson Jewelers to close in Cape
Wednesday, May 15, 2002
Paducah, Ky.-based Michelson Jewelers has announced that it will shut down all of its stores outside Paducah, Ky., meaning the Cape Girardeau jewelry store that has been at the mall since it opened in 1981 will close before the summer ends.
Michelson's has filed for Chapter 11 bankruptcy protection after experiencing a 25 percent drop in sales from the last half of 2000 until the Sept. 11 terrorist attacks. The company announced sales declined by another third after Sept. 11.
"I regret the hardship this may create on our employees, vendors and customers," company president Louis Michelson told the Paducah Sun newspaper. "We tried to avoid this but probably should have done it sooner."