Clark’s Fine Jewelry building is for sale; business will remain open

WICHITA — Gary Clark is trying to sell the building that houses his Clark’s Fine Jewelry at 21st and Rock, but his business will remain open.

“We are not going out of business,” an emphatic Clark says.

In early May, Clark filed for Chapter 11 bankruptcy with $1,590,894 in assets and $1,037,437 in liabilities.

“Everything’s going along just exactly the way it’s supposed to when you reorganize,” Clark says.

His 3,050-square-foot space is listed for $1.65 million.

“I have five offers,” Clark says. “I would not accept any of them that have been made so far.”

He says he does not have to sell, but he’d like to either buy or lease less expensive space somewhere else on the east side.

“We are not trying to do anything but cut expenses,” Clark says.

“I have no desire to quit the jewelry business,” he says. “You meet the happiest, nicest people in the jewelry business. . . . It just makes your heart delight.”

Clark’s Fine Jewelry files Chapter 11

Clark’s Fine Jewelry at 21st and Rock filed Chapter 11 bankruptcy this week. Court documents show $1,590,894 in assets and $1,037,437 in liabilities.

“For us to survive in a downturn economy we’ve had to reorganize our payments to pay our vendors in a fashion that is doable,” owner Gary Clark says. “That’s the purpose of reorganization.”

Clark says nothing has changed day to day at the business, which opened in 1946.

“Absolutely not,” he says. “We’re in business like we have always been.”

Clark says his problems began about a year and a half ago when gas prices went over $2.

He says the last several months have been good for business, though.

“It actually has turned quite a bit to a positive,” Clark says.

Last month, The Eagle reported that Legacy Bank filed suit to foreclose on the jewelry store.

Before that, Clark filed a lawsuit against a company that he says backed out of a deal to buy his property.

Clark says all legal action is stayed because of the bankruptcy.

He’s not sure of a repayment timetable yet, but Clark says, “It’s not a problem to carry it forward.”