A run of nearly 20 years is coming to an end as Los Angeles-based Cottura, a cataloger/retailer of Italian ceramics, shuts operations. The company began closing its stores in August; at press time it expected to have shut its direct division by the end of October.
“Stroll through one of our shopping centers and you can see the state of retail,” read a note on the Website from co-owners Jim Zimmerman, Michael Ruvo, and Christopher Smith. “As Cottura grew so did the challenges of operating a retail company. World events caused major economic changes, driving up our costs with no end in sight.”
Not only were the costs of doing business increasing, but “prices for merchandise are now inflated as our poor economy has contributed to a 25% decline in the value of the dollar against the Euro,” according to the Website. As a result, Cottura had to keep increasing the prices of its imported goods, making them too expensive for many customers.
In its federal bankruptcy report, filed on June 11, Cottura listed assets of $1,670,275.00 and liabilities of $2,527,122.29.
Cottura was founded in 1985 as an importer/retailer specializing in Italian maiolica, a type of hand-painted pottery. The company, which launched its catalog in 1990, operated three stores in California and a shop in Caesar’s Palace in Las Vegas. As for what Zimmerman, Ruvo, and Smith will do next, the Website stated, “After 20 years of retail, they are looking forward to a peaceful holiday experience at home with family.”