06/30/2008 01:00:28 AM
Dame Elizabeth Taylor has been forced to walk away from her jewellery company after her designs failed to entice shoppers.
The veteran actress and her House of Taylor Jewelry partner Kathy Ireland quit their California'based firm last week (begs23Jun08) after executives' efforts to revive the brand proved futile.
The pair owned a combined 49.5 per cent share in the company. But despite their stock options, generous licensing fees and personal involvement in the project, Taylor and Ireland have opted to turn their backs due to lacklustre profits.
The Nasdaq stock exchange delisted the company just last month (May08) as a result of its declining sales.
The firm now owes lender Connecticut-based New Stream Secured Capital a reported $11 million (GBP 5.4 million), according to the New York Post.
Abstract taken with full courtesy from - My Love Affair with Jewelry book
I have felt that ever since Richard started giving me jewelry, there was some meaning in it for him, too. He would do it with such a twinkle and with such glee. He would say I know I could give a $10 ornament for your hair or a $10,000 Van Cleef & Arpels necklace to wear around your neck and in your eyes I would see the same appreciation. I just love to watch your response and thats why I love giving you jewelry.