Jewelry chain Lucardi narrowly avoids bankruptcy

The Dutch jewelry chain Lucardi narrowly avoided bankruptcy thanks to significant concessions from its creditors. The tax authorities and suppliers dug deep into their pockets to keep the company afloat.

Coronavirus fallout and soaring costs

Lucardi, known for its affordable jewelry, ran into trouble due to a combination of factors. The COVID-19 pandemic left a legacy of deferred taxes, while rising labor and energy costs and cautious consumers subsequently undermined the recovery. According to Mentha Capital, which has been a major shareholder since 2018, success failed to materialize due to “unforeseen” circumstances.