Loss of Precious Moments leads to Enesco bankruptcy

Enesco, which cut its ties with Precious Moments in 2005, has filed for Chapter 11 bankruptcy, and has sold its assets to a private firm, Tinicum Capital Partners II LP, according to an article in the Chicago Sun-Times:

Its shareholders are due nothing. The shares were dropped from the New York Stock Exchange last June and closed Friday at 19 cents each on the Nasdaq over-the-counter market. About a year ago, the shares were at the $2 level. The company has suffered severe business setbacks, including the loss in 2005 of its affiliation with the Precious Moments line of figurines.