2008-08-12 22:53:01 -
- Berns Communications Group, LLC Stacy Berns/Melissa Jaffin, 212-994-4660 mjaffin@bcg-pr.com As part of a joint venture, leading national retail liquidation and asset recovery firms Hudson Capital Partners, LLC; Great American Group, LLC; Silverman Jeweler Consultants, Inc.; and Gordon Brothers Group, LLC today announced that it will manage a court-ordered bankruptcy liquidation sale of Whitehall Jewelers Holdings, Inc., which
operates 373 specialty jewelry retail stores. The sale, which will begin August 13, 2008, was ordered by the bankruptcy court as a result of Whitehall's Chapter 11 filing in June.
Inventory will be liquidated at below market prices, in a sale that is expected to last approximately four and a half months. Merchandise to be sold will include a selection of diamonds, gold, precious and semi-precious jewelry and watches. The liquidation sale will involve 373 Whitehall store locations in 39 states, including 78 retail locations that were acquired in April 2008 from Friedman's Jewelers.
"The Whitehall liquidation was ordered after exhaustive efforts to sell the specialty retail chain or obtain fresh equity both proved unsuccessful," said Harvey Yellen, Chairman of Great American Group. "As Whitehall has been a leading specialty retailer in fine jewelry for more than a century, it is unfortunate that a brand with such strong heritage has to be liquidated."
Great American Group, Hudson Capital Partners and Silverman Jeweler Consultants also recently managed the successful liquidation of Friedman's Jewelers.
"We're currently experiencing the most active period of liquidation sales in 10 years, due to a combination of consumer cut backs on peripheral spending, tightening of retail lenders and a change in bankruptcy code," added James L. Schaye, president and CEO of Hudson Capital Partners. "Whitehall, which represents the latest jewelry retailer effected by this combination, has long been a landmark for consumers who appreciate high quality fine jewelry. The liquidation sale will provide a final opportunity to take advantage of great product at extraordinary value."
Whitehall Jewelers Holdings, Inc. and its operating subsidiary Whitehall Jewelers, Inc. have been operating under Chapter 11 of the Bankruptcy Code since June 23, 2008 (U.S. Bankruptcy Court, District of Delaware, Case #C8-11261 (CSS)).
"Whitehall has a fine reputation, and we will work to make the sale successful for all parties involved," said William Weinstein, Principal of Gordon Brothers Group.
About Whitehall Jewelers Holdings, Inc.
Whitehall Jewelers is a national specialty retailer of fine jewelry offering a selection of merchandise in the following categories: diamonds, gold, precious and semi-precious jewelry and watches. As of June 23, 2008, it operated 373 stores in regional and super-regional malls in 39 states, including 78 locations that were acquired in April 2008 from Friedman's Jewelers. Whitehall was originally founded in 1895 under the name Marks Bros. Jewelers.
About Great American Group
Based in Woodland Hills, California, with offices in Chicago, New York, Philadelphia, Boston and Atlanta, Great American Group (www.greatamerican.com; 800-85-GREAT) provides liquidation services, auctions, wind-down services, appraisals, valuations and related services, and intellectual property acquisitions. The Company's services focus on turning excess inventory into immediate cash through strategic retail store-closings and wholesale and industrial liquidations.
About Hudson Capital Partners, LLC
Hudson Capital Partners, LLC offers an extensive array of professional solutions to the challenges retailers face today, including management of excess, obsolete and discontinued inventory, changing geographic and demographic circumstances, unproductive store sites, and real estate and liquidity issues. The firm's diversified staff is experienced at performing strategic store closings and relocations, fixed asset dispositions, wholesale inventory buyouts and lease mitigations. To learn more about Hudson Capital Partners, please visit www.hudsoncpl.com.
About Silverman Jeweler Consultants, Inc.
Silverman provides a variety of services to jewelry related retailers, manufacturers, wholesalers and distributors. The core of its business is effectively and efficiently liquidating jewelry inventories for both healthy and distressed companies. For more information, please visit the company's website at www.silvermanconsultants.com.
About Gordon Brothers Group, LLC
Founded in 1903, Gordon Brothers Group (www.GordonBrothers.com) is a global advisory, restructuring and investment firm specializing in retail and consumer products, industrial and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, appraising assets, providing debt financing, making private equity investments, and operating businesses for extended periods.
Jewelry Chain to Liquidate $750 Million of Retail Inventory in 373
Stores
