Headlines

High-End Jeweler Enters Insolvency Proceeding

Published

7 years ago

May 22, 2017

INSTORE Staff

There have been ‘expressions of interest’ in the firm.

British jewelry retailer Theo Fennell has entered the UK insolvency proceeding known as administration.

Professional services company BDO is serving as administrator and is reportedly seeking a buyer for Theo Fennell, Sky News reports.

Rapaport reports that the administrator’s duty is to “try and rescue a business or sell it off.”

Theo Fennell is an upscale manufacturer and designer with more than 50 employees, according to Rapaport. BDO stated that some staff members have been laid off.

The jeweler has 30 stores in the UK and elsewhere.

The company was taken private in 2013 by a group called EME Capital.

Sky News quotes Matthew Tait of BDO saying: “Unfortunately, the financial burden of certain fixed costs have weighed heavily upon the company as it implemented its own restructuring plan. Whilst the market has remained strong for fine and luxury goods, the cost and pace of that restructuring could not be supported by the company indefinitely.”

He said there have already been “expressions of interest” in the company.

Read more at Sky News

You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”