Posted on August 12, 2008
National retail liquidation and asset recovery firms will manage a court-ordered bankruptcy liquidation sale of Whitehall Jewelers Holdings, Inc., which operates 373 specialty jewelry retail stores. The sale, which will begin Wednesday, was ordered by the bankruptcy court as a result of Whitehall’s Chapter 11 filing in June.
The firms who will manage the liquidation are: Hudson Capital Partners, LLC; Great American Group, LLC; Silverman Jeweler Consultants, Inc.; and Gordon Brothers Group, LLC. The announcement was made in a joint statement by the liquidation firms Tuesday.
Inventory will be liquidated at below market prices, in a sale that is expected to last approximately four and a half months, according to the statement. Merchandise to be sold will include a selection of diamonds, gold, precious and semi-precious jewelry and watches. The liquidation sale will involve 373 Whitehall store locations in 39 states, including 78 retail locations that were acquired in April 2008 from Friedman’s Jewelers.
“The Whitehall liquidation was ordered after exhaustive efforts to sell the specialty retail chain or obtain fresh equity both proved unsuccessful,” said Harvey Yellen, chairman of Great American Group. “As Whitehall has been a leading specialty retailer in fine jewelry for more than a century, it is unfortunate that a brand with such strong heritage has to be liquidated.”
Great American Group, Hudson Capital Partners, and Silverman Jeweler Consultants also recently managed the successful liquidation of Friedman’s Jewelers.
“We’re currently experiencing the most active period of liquidation sales in 10 years, due to a combination of consumer cut backs on peripheral spending, tightening of retail lenders and a change in bankruptcy code,” said James L. Schaye, president and chief executive officer of Hudson Capital Partners. “Whitehall, which represents the latest jewelry retailer effected by this combination, has long been a landmark for consumers who appreciate high quality fine jewelry. The liquidation sale will provide a final opportunity to take advantage of great product at extraordinary value.”
Whitehall Jewelers Holdings, Inc. and its operating subsidiary Whitehall Jewelers, Inc. have been operating under Chapter 11 of the Bankruptcy Code since June 23 (U.S. Bankruptcy Court, District of Delaware, Case #C8-11261 (CSS)).
“Whitehall has a fine reputation, and we will work to make the sale successful for all parties involved,” said William Weinstein, principal of Gordon Brothers Group.
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Comments
by Mall Jewelry Boy - 2008-08-12 17:08
And the going concern stores...? Michael Hill, where are you?
by pearls - 2008-08-13 00:10
yes where is this guy Michael Hill???????
by benthere - 2008-08-13 04:23
Good luck to all involved. I just came off of the Frdm rollercoaster. I spent 12 weeks in liquidation, I truly feel for you guys doing 18, especially during, "holiday". It saddens me to think the courts will let these vultures come in and break down what good folks have spent their lives working for.
by Holly - 2008-08-13 13:02
I too-been there, done that with Friedman's. Think of it like this: You still got a job while you are looking for a new one.
by George Sandland Jr. PhD - 2008-08-14 13:23
Too bad about Whitehall. Rising rents, payroll, and all manner of Government interference takes a toll. Add the superstores, and category blasters and the result is inevitable. Too bad today's consumer will not pay more than lip service to quality and value at a fair price.
by John Firth - 2008-08-16 10:47
My wife has a charm bracelet that Whitehall is have 3 charms added. Now the subcontractor will not return the bracelet until Whitehall pays them their past due bill. What can I do
by Alicia McMullen - 2008-08-17 21:48
I have my wedding set from them and other pieces which I have paid extra for in case something happens with my jeweley.
by Hopeful - 2008-08-19 14:34
I currently work for Whitehall Jewelers. If you purchased a jewelry service plan with the item you bought and it has not expired you are still covered. These Service plans are with a company called N.E.W. If you call your local Whitehall store they can give you the phone number to N.E.W. You can then go through N.E.W. automatically for any repairs your jewelry may need that is covered under that service plan. N.E.W. is taking care of the customers at that point. Please note that there are not jewelers in most stores now to help you with any further repairs you may need. I say this to try to help the customers that I have had in the last 5 1/2 years I've worked with the company. This is my family and it's a sad day to see the company fall apart like this.
by Moving on - 2008-08-24 02:09
To all Whitehall Employees: As a former employee with Friedman''s Jewelers I feel your pain as you all go though this process hang in there, I know it''s hard right now but think of it as a blessing in disguise I know it has been for me in a way I got to spend summer break with my kids, something I haven''t got to do in awhile I would also like to share with you a post I had posted to my Friedman''s family "I have been with this company for only 1 1/2 years but I feel the emotional hardship as we go through this. It''''s hard to get up in the morning to open the store not knowing what we will be told today or tomorrow or next week, the hardest part has been trying to help the customers understand why? when we dont even have the answers ourselves. My mother worked for this company when the first bankruptcy happened and even she is shocked that it has come to this. I don''''t know what I am going to do when they shut the door I am a single mother with two children who depend on this income without any other support, I have to stay it out. I was really getting to the point where I was really showing what I was made of in sales and extras. I will miss my store and co workers deeply we became like family we laughed competed and fought, but through it all we were close knit. I have known these ladies for 10+ years growing up. My prayers and thoughts go out to ALL of us left standing alone in this unfortunate adventure. Even though we may not have met each other we are one team until the end. It''''s like a huge family. Good Luck to ALL as you go on with life after Friedman''''s Jewelers!!! Remember God gives us mountains so we can learn how to climb! " ......Although coming from a former competator we are all "Family" in this industry, The BEST is yet to come. Good Luck to you all!!
by former friedmans - 2008-09-08 21:59
to all whitehall employees my heart goes out to you. i was with friedmans for 5 years and stayed to the very end. i feel your pain! but if great american tells you that there are bounses involved for staying to the end DONT BELIVE THEM! my last day of work was at the end of june and i still have not seen the bonus they promised me! good luck to all.