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Silverman Consultants offers a legacy of 65 years in the jewelry business, conducting going out of business sales, jewelry liquidation and promotional sales, turnaround and crisis management, retirement planning, marketing consultation and inventory management for jewelry stores, and appraisals.
Friedman’s begins liquidation sale
Jewelers Circular Keystone (JCK) [ April 5, 2008 ]
Friedman’s Inc., which operates 455 retail jewelry stores under the Friedman’s and Crescent brands, has begun liquidating about $400 million of inventory in 377 stores.
The U.S. Bankruptcy Court for the District of Delaware approved Friedman’s request to close the stores and start liquidation. Friedman’s, in a statement, said it is currently in negotiations with an interested third party to sell its 78 remaining locations. This third party is identified in court documents as WFC Acquisition Corp., a wholly owned subsidiary of Whitehall Jewelers Holdings, Inc.
The liquidation of inventory began Saturday. The company said approximately $400 million in inventory will be liquidated at below market prices in a sale that is expected to last approximately 10-12 weeks. Merchandise to be sold will include women’s and men’s fine and fashion jewelry, featuring diamonds, other precious stones, gold and silver, as well as a wide selection of watches. The liquidation sale will involve 377 Friedman’s and Crescent store locations in 23 southeastern, southwestern and mid-western states.
The Friedman’s sale is being managed by a consulting group consisting of three leading national retail liquidation and asset recovery firms: Silverman Jeweler Consultants, Inc.; Great American Group, LLC; and Hudson Capital Partners, LLC.