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Potential Buyers Eye US Jewelry Firm That Filed for Bankruptcy

Published

6 years ago

March 6, 2018

INSTORE Staff

The firm is one of Nirav Modi’s holdings.

Firestar Diamond Inc., which recently filed for bankruptcy protection, stated in a court filing that it’s received strong expressions of interest from potential buyers, Reuters reports.

The interested parties would look to buy “some or all of the debtors’ business operations,” the company said.

Sales for Firestar and its affiliates total about $90 million per year, according to Reuters.

The company is among the holdings of billionaire Nirav Modi, who is being investigated by Indian authorities in connection with a massive bank fraud case. The case centers on Punjab National Bank, where employees are “suspected to have steered fraudulent loans” to Modi’s businesses, Reuters has reported.

Punjab National Bank officials have estimated the scope of the fraud at $2 billion.

Read more at Reuters

When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”