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

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.”