Headlines

1,256 US Jewelry Businesses Have Closed Their Doors This Year

That’s a 49 percent increase from last year.

Published

7 years ago

November 17, 2016

INSTORE Staff

The Jewelers Board of Trade reports that 416 U.S. jewelry businesses closed their doors in the third quarter.

The number was up 31 percent from the same quarter of last year.

Most of the businesses that closed were retail jewelers, but wholesalers and manufacturers are also included in the figure. The closures were categorized as consolidations, bankruptcies or, in the majority of cases, simply “ceased operations.”

So far this year, 1,256 jewelry businesses in the U.S. have closed, according to the Jewelers Board of Trade. That’s a 49 percent increase from 844 through the first three quarters of last year.

In Canada, 10 jewelry businesses closed their doors in the third quarter, compared with six in the third quarter of 2015. Through the first three quarters, 37 jewelry businesses have closed in Canada, compared with 25 during the first three quarters of last year.

In the third quarter, 64 new jewelry businesses opened in the U.S., including 49 retailers. That’s compared with 74 in the third quarter of 2015.

In Canada, two new jewelry businesses opened in the third quarter, both of them retailers. That’s up from zero in the third quarter of 2015.

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”