Two years after coming under new ownership, Vivi Jewelry, formerly known as Cookie Lee, has filed for bankruptcy.
According to a July 7 filing in Northern California federal court, Vivi is pursuing a Chapter 7 bankruptcy liquidation, rather than a reorganization under Chapter 11. The Los Angeles-area company listed less than $50,000 in assets and $1 million to $10 million in debts.
Vivi sells a range of accessories—primarily costume jewelry—priced under $50. In 2007, the business recorded revenue of $125 million and more than 40,000 sales consultants.
Chief executive Debbie Millar, who purchased Vivi in April 2014, was not immediately available for comment.
Millar acquired the jewelry business from Cookie Lee, who founded her eponymous company in 1992. Millar and her husband, Ron, are founding partners of luxury residential real estate group HÔM, which reported $1.4 billion in sales for 2013. The mother of six also ran her own direct sales jewelry company, bamboopink, until she and two partners sold it for an undisclosed amount.
Since taking the helm at Cookie Lee, Millar has focused on modernizing the company, beginning with a rebranding as Vivi—short for vision, inspiration, value and independence. Millar also brought in 15-year fashion industry veteran Shawn Forbes as Director of Product Development, tasked with leading an expansion of the brand.
The company’s filing indicates that efforts to revitalize the business have stalled. Vivi is not the only direct sales jewelry company to face headwinds in recent years. In 2014, lia sophia announced that it would shut its doors after three decades in business. Silpada Designs also will cease operations at the end of this month.
As of this writing, Vivi officials have not offered up any public statement related to the company’s financial woes, either on the Vivi Facebook page or website, which appears to be no longer active.