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Jewelry Chain to Close Its 9 US Stores After Failing to Find Buyer

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It’s targeting April 30 for the closings.

Brisbane, Australia-based Michael Hill International Ltd. has been unable to find a buyer for its nine U.S. stores and is preparing to close them.

The company said in a press release that “efforts to find a purchaser for the US business did not result in any satisfactory offers.” The closures are expected to take place on or around April 30.

Michael Hill announced in January that it was planning “the complete exit of the loss-making retail operations in the US.”

The cost of exiting the stores, including lease termination and employee severance expenses, is expected to be $4.5 million.

The company has 317 Michael Hill stores in Australia, New Zealand, Canada and the U.S. and 30 Emma & Roe stores in Australia and New Zealand.

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