Headlines

Defunct 150-Store Samuels Jewelers Chain’s Inventory Acquired

The chain’s inventory had a retail value of $90M.

Published

4 years ago

August 8, 2019

INSTORE Staff

SimplexDiam has bought the residual gold and diamond jewelry inventory of Samuels Jewelers, a collection amounting to 33,000 pieces.

The sale consisted of the balance inventory of 150 stores, with a retail value of $90 million. That makes it the “largest liquidation of a retailer’s residual jewelry inventory in the past 10 years,” according to a press release from SimplexDiam, a diamond and jewelry liquidation and asset recovery specialist.

The merchandise included diamond jewelry categories such as bridals, semi mounts, fashion, earring studs and solitaires, as well as lab-grown jewelry.

Shail Y. Madhvani, vice president of SimplexDiam, noted “the nice price points in keeping with the present diamond market prices ⁠— we have never seen nice diamond and gold bridal and semi mount product at such prices.”

Austin, TX-based Samuels closed its stores in February. It had filed for Chapter 11 bankruptcy in August 2018.

SimplexDiam plans to sell the inventory through its various trade shows from August through October. A list of these trade shows can be found here. The first trade show is set for Aug. 10-12 at the SJTA Atlanta Jewelry Show.

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When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”