Connect with us

Headlines

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

mm

Published

on

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.

Advertisement

Advertisement

SPONSORED VIDEO

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.”

Promoted Headlines

Most Popular