YAKIMA, Wash-- The bright signs outside of Palace Fine Jewelers are there to draw people in to the going out of business sale. The current credit crunch is causing the owner to close down the store after 17 years.
Jasmine Yi hopes this going out of business sale will return some of her investment. We've always been told diamonds are a girls best friend, but when money get's tight non essentials are the first to go. That's why Yi hired an outside consultant to help sell off her remaining stock.
She said people aren't purchasing jewelry forcing her to close. "It's really tough because of the economy. People are scarred to spend money," said Yi.
Yi also mentioned that business credit is another issue. Jewelers need a high line of credit to make purchases.
"Well I think that people have a lot less disposable income right now. And any credit that they have they may have to use for other things," said Jean Moore, business consultant.
Moore said in the 20 years she's been helping businesses close, this is the busiest she's ever been. Both women said they think the bailout would've helped small businesses and the consumer.