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Case History #2:
Relying On Nonexistent
Investments for Expansion
John Feltʼs
Heritage
Keepsake Diamondsʼ story
was a bit different. After
running one
store in Utah
successfully
for a number
of years, John
said a number of investors co nvinced him to
open fourteen more stores all over the western
part of the U.S. John found himself expanding
the business faster then he could personally
control and taking on a great amount of debt to
do so. As the national economy worsened in the
early ʻ80s, and the bank loans began to eat up
the profits, John turned to his partners to produce the cash investments they had promised,
only to find out that the money never existed.
He sold ten stores, keeping five in Utah and
Idaho, and tried to recover. Twenty percent and
higher interest rates in a business that required
purchasing inventory on credit put him into
Chapter 11 bankruptcy. Eventually, John sold
the business, but new management failed to
save it.
continued..
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