Headlines

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

Published

6 years ago

April 18, 2018

INSTORE Staff

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.

Related Topics: Michael Hill store closings

click to Comment(Comment)

Up Next

Online Luxury Retailer Launches Jewelry Portal, Targets $120M+ in Sales

Don't Miss

Ascend Marketing Reports Strong Jeweler Response to Video Ad Plan

Looking for a Seamless Sale? Call Wilkerson

After almost 60 years in business, Breakiron Jewelers in Erie, Pennsylvania, was closing its doors. And the store’s owner, Linda Breakiron, was ready for it. She had run the store as its sole owner since the beginning of the millennium and was looking forward to a change. Of course, she called Wilkerson. Breakiron talked to other jewelers who had used Wilkerson and was satisfied with their response. “They always had positive feedback,” she recalls. With the sales, marketing and even additional inventory that Wilkerson provided, Breakiron insists she could never have accomplished her going-out-of-business sale without Wilkerson’s help. She’s now ready for the journey ahead, but looking back, she’d be sure to recommend Wilkerson. “They just made the whole process very seamless.”