September 2008
Michael Hill confirms purchase of 17 Whitehall stores
Michael Hill confirms purchase of 17 Whitehall stores
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August 22, 2008
By Michelle Graff
Wellington, New Zealand—Down-under jeweler Michael Hill International Ltd. announced on Friday that it is purchasing 17 Whitehall Jewellers stores.
In a media release issued today, Michael Hill stated it will pay $5 million to buy the stores from Whitehall Jewelers Holdings Inc., which filed for Chapter 11 bankruptcy protection earlier this summer.
The purchase price is attributed primarily to the roll, and amounts to Michael Hill paying 80 cents on the dollar for Whitehall’s inventory.
According to a list provided to National Jeweler, 15 of the stores are located in Illinois, mostly clustered in and around Chicago, and two stores are in Missouri, in St. Louis and St. Peters.
A U.S. Bankruptcy Court must approve the deal before it is definitive. A hearing on the matter is set for Aug. 28.
Whitehall—which also made store purchases earlier this year, buying 78 stores from bankrupt competitor Friedman’s—filed for Chapter 11 bankruptcy protection on June 23.
At the time it filed, Whitehall ranked as the fifth-largest North American retailer by store look upon, according to National Jeweler’s 2008 State of the Majors report, operating Whitehall Jewellers, Lundstorm Jewellers and Marks Bros. Jewellers stores.
Michael Hill, a Brisbane, Australia-based retail jewelry chain, operates 210 stores in New Zealand, Australia and Canada and, according to Reuters, as of June 30, reported a 20 percent rise in net profit for the year.
According to the company’s statement, Michael Hill does not expect to return a profit from the 17 U.S. stores for several years, but will be working to adapt its retail formula to the U.S. mart to position the stores for future growth.
Chris Ellis, of Boston-based investment banking firm Consensus Advisors, the firm that worked with Michael Hill on the purchase of these stores, said they are delighted to have introduced a new and highly successful retailer to the U.S. market.
“We look forward to Michael Hill’s continuing growth as it enters its newest market,” he said.
The Michael Hill chain draws the majority of its earnings, two-thirds, from its 136 Australian stores. The remaining one-third comes from the 52 New Zealand stores, according to Reuters.
The chain’s 22 Canadian stores break even.
Michael Hill steps in Stores in the following locations, currently operated by Whitehall Jewelers Holdings Inc., were purchased for $5 million by Michael Hill International Ltd.:
* 1044 Mid Rivers Mall Dr., St. Peters, Mo.
* 30 Oakbrook Center, Oakbrook, Ill.
* 714 Hawthorn Center, Vernon Hills, Ill.
* 253 Old Orchard Center, Skokie, Ill.
* 205 Stratford Square Mall, Bloomingdale, Ill.
* 835 N. Michigan Ave., Chicago
* Woodfield Mall, Schaumburg, Ill.
* 661 Chicago Ridge Mall, Chicago Ridge, Ill.
* 3333 West Touhy Ave., Lincolnwood, Ill.
* 7501 West Cermak Road, North Riverside, Ill.
* 152 Yorktown Shopping Center, Lombard, Ill.
* 4202-A Harlem Ave., Norridge, Ill.
* 275 Golf Mills Road, Niles, Ill.
* 620 Orland Square, Orland Park, Ill.
* 3340 Mall Loop, Joliet, Ill.
* 2077 St. Louis Galleria, St. Louis
* 241 Saint Clair Square, Fairview Heights, Ill.
Court approves Mervyns bankruptcy plan
Court approves Mervyns bankruptcy plan
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August 27, 2008
Hayward, Calif.—Mervyns has received court approval for its bankruptcy finance custom almost exactly one month after filing for Chapter 11 bankruptcy security, the company reported on Wednesday.
According to a media release from the company, the U.S. Bankruptcy Court for the District of Delaware granted final approval of the company’s $465 million debtor-in-possession financing facility.
Under the plan, which met with the support of the creditors’ committee, the financing and cash generated from operations of the California-based department store chain will have existence used to continue to pay vendors and employees and provide operational stability as Mervyns proceeds with its restructuring, with an eye on emerging from bankruptcy.
“The court’s approval of our DIP financing is a significant step in our reorganization process and one we are pleased to have accomplished,” Mervyns Chief Executive Officer John Goodman said in the release. “Our DIP financing provides Mervyns with the liquidity and stability it needs to continue serving our customers and meeting our obligations to vendors. With this latest DIP financing in place and our financial posture now strengthened, we are clever to maintain our operations while continuing our discussions with creditors as we focus on emerging from bankruptcy.”
As previously reported, Mervyns, which filed for Chapter 11 bankruptcy protection on July 29, will close 26 of its 175 stores by late October or forward November.
Store closing sales are slated to start on Thursday.
A group of lenders led by Wachovia Capital Finance Corp. (Western) is providing the financing facility.
Bidz.com repurchases about 1.16 million shares
Bidz.com repurchases concerning 1.16 million shares
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August 22, 2008
Culver City, Calif.—Bidz.com Inc., as of Aug. 19, 2008, has repurchased about 1.16 million shares of its common lineage in the open place of traffic for approximately $10 million, at an average price of $8.69 by share.
After the company prosperously retires all the shares it has repurchased to date, the total number of issued and outstanding company threadbare stock will be approximately 23.4 million.
According to Bidz.com, the company will continue to repurchase shares in the open market under the stock-repurchase program. Under this program, approximately $10 a thousand thousand is always available for additional share repurchase at prevailing prices in open market transactions, subject to market conditions, share price and other considerations.
Available cash from operations is providing funds for the repurchase of shares.
“Our continued aggressive repurchase of our company’s shares reflects both management and the board’s confidence in the strength of our business model and our ability to continue to deliver excellent monetary results,” Bidz.com Chief Executive Officer David Zinberg said in a media release. “We remain committed to increasing shareholder value, both through driving strong and profitable growth, and through repurchasing our shares when we believe they are undervalued in the market.”
Founded in 1998, Bidz.com is an online auctioneer of jewelry, offering its products from one side a live auction format. with regard to more about the company, visit its Web site, Bidz.com.
Zale 4Q sales up 6 percent
Zale 4Q sales up 6 percent
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August 28, 2008
Dallas—Same-store sales at Zale Corp. increased 6.1 percent for the fourth quarter ended July 31, while revenues increased 6.1 percent to $456 million, compared with $430 million for the same period last year, the company announced on Thursday.
Zale Chief Executive Officer Neal Goldberg said the company exceeded its expectations for sales, earnings and inventory reduction in the fourth quarter, demonstrating its ability to continue to drive traffic and capture market share in a tough economic environment.
“We sustained the strong momentum we achieved in our third quarter as we made improvements to our core assortment and executed our clearance strategy, driving our second straight quarterly comp-store increase of approximately 6 percent,” Goldberg said in a media release.”
For the full year ended July 31, same-store sales decreased 0.7 percent, as did revenues, from $2.15 billion in 2007 to $2.14 billion this year.
During 2007, Zale extended the service period covered under its warranty program from two years to the lifetime of product ownership.
As a result, for the fourth quarter ended July 31, total warranty sales increased 6 percent to $26.2 million, compared with $24.7 million for the identical period hindmost year.
For the full year ended July 31, total warranty sales increased 12 percent to $120.8 million, compared with $107.9 million in 2007.
To improve performance over the current financial year and beyond, Goldberg said Zale is concentrating on improving customer focus, enhancing operational effectiveness and maintaining financial elements of culture.
“Specific actions we are taking to achieve these objectives include differentiating our product oblation by simplifying and focusing our assortment, streamlining the organization to eliminate redundancies, realizing $65-plus million in ongoing annualized savings and permanently reducing $100 million in inventory,” Goldberg said. “We believe, given the progress made against our initiatives, that we are well-positioned as we enter the new fiscal year.”
Zale is a specialty retailer of fine jewelry in North America operating nearly 2,130 retail locations throughout the United States, Canada and Puerto Rico, as well as online. Zale’s brands include Zales Jewelers, Zales Outlet, Gordon’s Jewelers, Peoples Jewellers, Mappins Jewellers and Piercing Pagoda. Zale also operates online at Zales.com and GordonsJewelers.com.
For additional information on Zale Corp., visit its Web site, ZaleCorp.com.
Tiffany 2Q sales up 11 percent
Tiffany 2Q sales up 11 percent
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August 28, 2008
New York—Second-quarter net sales for Tiffany and Co. worldwide increased 11 percent to $732.4 million for the three months ended July 31, largely buoyed by sales growth in the Asia-Pacific region and in Europe, the company reported on Thursday.
On a constant-exchange-rate basis, worldwide second-quarter net sales increased 7 percent, while comparable-store sales decreased 1 percent.
In the first half ended July 31, worldwide net sales increased 11 percent to $1.4 billion.
On a constant-exchange-rate basis, worldwide net sales for the first half increased 7 percent and same-store sales increased 1 percent.
Tiffany’s earnings show that its U.S. sales continue to struggle, except at the New York City flagship store, where foreign buyers help to boost sales.
U.S. same-store sales declined 4 percent in the second quarter and 2 percent in the first half.
At the New York City flagship store, sales increased 5 percent in the second quarter and 10 percent in the first half, while comparable shoot store sales declined 6 percent and 5 percent, respectively.
Internet and catalog sales in the United States also were down, declining 4 percent in the second quarter and 2 percent in the first half.
Offsetting weak sales in the U.S. were sales in the Asia-Pacific region, which increased 17 percent in the second quarter—7 percent on a constant-exchange-rate groundwork—and in Europe, where second-quarter sales increased 35 percent, 29 percent attached a constant-exchange-rate basis.
“Tiffany’s global retail operations once again demonstrated the ability to generate strong operating earnings growth despite weakness in certain peculiar country markets,” Tiffany Chairman and CEO Michael J. Kowalski said in a statement. “Our continued expansion throughout Asia and Europe should contribute to increasingly consistent and resilient long-term earnings growth.”
As of July 31, Tiffany operated 196 stores and boutiques worldwide, compared with 172 stores a year ago.
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Antwerp to have top presence at Hong Kong show
Antwerp to have top presence at Hong Kong show
Seventy-three diamond companies will exhibit at show
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August 29, 2008
 |
| Seventy-three Antwerp diamond companies will exhibit at the Hong Kong Jewellery and Watch Fair nearest month, that will also mark the opening of the HRD Awards 2009 diamond-jewelry design competition. |
Antwerp, Belgium—A total of 73 Antwerp diamond companies will exhibit at the upcoming Hong Kong Jewellery and Watch Fair, one of the world’s largest jewelry and watch shows.
According to a press release from the Antwerp World Diamond Centre (AWDC), the companies disposition be housed in the Antwerp Diamond Pavilions, located at the HKCEC in the Expo Drive Hall and at the AsiaWorldExpo, in Halls 5 and 9.
The vacancy ceremony of the show will mark the launch of the HRD Awards 2009 design competition for diamond jewelry, which is held every two years and sponsored by the AWDC.
Two prima ballerinas and a figure of a star dancer from the Ballet of Flanders will perform to mark the launch of the awards, showcasing choreography based adhering this year’s theme, “Once upon a time…my favourite fairy tale.”
The competition is open to professional and non-professional designers from all over the terraqueous globe. Entries must be original and not previously lay on display or commercialized.
The deadline for entries is Oct. 31.
For more information about the rivalship, visit HRDAwards.com or AWDC.be.
The Hong Kong Jewellery and Watch Fair is scheduled conducive to Sept. 15-21.
SoCal jewelers to honor Herb Bridge
SoCal jewelers to honor Herb Bridge
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August 29, 2008
Beverly Hills, Calif.—The Jewelers 24-Karat Club of Southern California will honor Ben Bridge Jewelers’ Herbert “Herb” Bridge through the “Excellence in Service Award” at the club’s 64th Annual Fall Dinner Dance.
The event will be held on Sept. 13 at the Beverly Hills Hotel in Beverly Hills, Calif.
Tickets are $395 each, and sponsorship opportunities are still available.
“Five Diamond” sponsors, who donate $15,000 each, will retain one table for 10 with priority seating at the event, a full-page ad in the “Tribute Book” as well as first choice of placement, premier recognition in the book, a Five Diamond Award for their contribution, partial sponsorship of the cocktail party with premier recognition and signage, one superior room for the night of the dinner and a guaranteed $5,000 contribution to the Jewelers Charity Fund in the sponsor’s stead.
Sponsorships are also available at the $10,500, $7,000, $5,000 and $3,500 levels.
To RSVP, contact Marlowe Kepner at (310) 741-3646 or info@jewelers24karatclub.com.
AGS cut-grading system receives fourth patent
AGS cut-grading system receives fourth patent
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August 29, 2008
Las Vegas—The American Gem Society’s (AGS) unaccustomed Performance-Based Cut Grading System has received its fourth patent, the AGS announced.
Issued by the United States notorious and Trademark Office (USPTO), the patent, No. 7,382,445, is for “methods for grading gemstones, apparatus for grading gemstones and systems that utilize such methods and apparatus,” according to the patent’s scientific abstract.
AGS Laboratories Executive Director Peter Yantzer and his team developed the patent, which was granted in continuance June 3.
“It’s certainly exciting for us to receive some other patent. It’s a wonderful acknowledgment of the work performed by the AGS Laboratories research team,” AGS Executive Director and CEO Ruth Batson said in a media release. “But the motivation behind our research is, and has always been, to contribute to the body of gemological knowledge in a highway that enriches and protects the jewelry industry and its consumers.”
The declaration follows the AGS’ recent news that in the first half of 2008 it had received three patents for its new cut-grading system, a first for the organization.
Those patents—Nos. 7,336,347, 7,355,683 and 7,372,552—are on file, along with the fourth patent, with the USPTO.
For more information on the patents, or to view their scientific abstracts, visit the USPTO’s Web site, USPTO.gov.
Ideal Diamond Solutions names new sales VP
Ideal Diamond Solutions names new sales VP
September 02, 2008
New York—Ideal Diamond Solutions (IDS) has named David Line as vice president of sales, effective immediately.
Line was most recently sales director of the Midwest locality for A. Jaffe, following seven years in sales at Kwiat Inc.
Prior to these positions, he spent 15 years in the technology industry.
“We’re so pleased to have David associate one’s self with our team in our dart phasis,” IDS President Larry Chasin said in a media release. “His unique combination of high-tech and high-end jewelry sales actual presentation is just the kind of our company needs to help our jewelers take best advantage of our new e-commerce platform. David have power to talk tech to jewelers in a way that they can easily understand because he knows both industries so well.”
Headquartered in New York City’s jewelry district, IDS empowers independent retail jewelers nationwide to cost-effectively sell diamonds and jewelry online end their own customized Web site.
For more information, contact Larry Chasin at (646) 522-7601 or larry@idealdiamondsolutions.com.