The Gallery at Belle Meade — which is actually in Green Hills — has filed for bankruptcy.
Colonial Investments Inc., the operating entity for the store, wholly owned by Tim Gregory, is seeking Chapter 7 protection in U.S. Bankruptcy Court, claiming more than $2.7 million in liabilities.
The company's personal property totals $384,995. Outside of $3,000 in fixtures and equipment and $12 in a First Tennessee checking account, the entirety of that claim is luxury wares from the store, ranging from a $39 dolphin candlestick to a $5,200 "Council kneehole credenza with lighted bookcase."
Much of that inventory backs a secured claim from Commerce Capital. Outside of that claim, the Gallery's largest debt is to Italian furniture maker Rho Mobili D'Epoca ($700,000). The store also owes $167,477 to Sheila Richey, the widow of George Richey, a record producer and widower of Tammy Wynette.
At least six collections cases are pending against the store in Davidson County, according to the filing.
It appears sales at the store have dropped off dramatically. The petition claims sales of $1.3 million in 2009, $890,000 in 2010, but just $325,000 year to date.