Cutting Remarks

July 2, 2009 | Link This | Email this | Comments (0)

For those of you following the Finlay saga, check out the first link ... It seems like it could be the last straw, but this is a company that's perservered way beyond expectations. Anyway, hope everyone has a great Fourth of July weekend ...

Finlay officially misses June bond interest payment. 

Bankruptcy of the Week: Speidel files for receivership, now up for sale.

 

JC Penney gets ...Read More

July 2, 2009 | Link This | Email this | Comments (0)

In what could possibly maybe keep-your-fingers-crossed be a sign of improvement in the industry, the Gemological Institute of America said it is seeing some "nice numbers" at its diamond lab.

"Obviously we are thrilled and we are cautiously optimistic," said spokeswoman Laura Simanton. "It's just one set of numbers so you can't read too much into it. Summer is coming and that's traditionally a slower time."

Of course, the sights are bigger and that may help. Still, even with decent-sized sights last year, GIA's numbers fell so much it was forced to have a series of unprecedented layoffs.

June 29, 2009 | Link This | Email this | Comments (6)

So .. we hear there has been a bit of a shake-up at the Helzberg merchandising team now that Beryl Raff has taken over as CEO ...

Four or so key merchandisers have either retired or left, including people long associated with the chain like John Doerty and Oliver Keene.

Outsiders are not sure which way the company is headed. Bringing in Beryl Raff would seem to indicate the company is going in a more promotional direction. However, one of her new hires is from Bailey, Banks and Biddle and Movado Boutiques, which would seem to indicate the opposite.

The mood internally is described as "nervous," which is natural when there are a lot of changes (and certainly describes a lot of places these days.)   The abrupt replacement of Marvin Beasley as CEO shook up ...Read More

June 26, 2009 | Link This | Email this | Comments (2)

They say deaths come in threes … do bankruptcies?

 

I’ve been writing the industry mood has been improving, but talking to people this week, it’s still pretty tough out there, and the new (generally unexpected) Chapter 11s don’t help. We are looking at a long haul.

 

And here’s the news …

 

Henry Dunay goes Chapter 11.   

- Interview with Dunay.

 

...Read More

June 25, 2009 | Link This | Email this | Comments (0)

Another round of negative headlines on the Kimberley Process and I have the following thoughts:

 

-         The industry is walking a bit of a tightrope here, particularly in its communications. While it needs to be seen as on the side of the “good guys” (the NGOs), the industry doesn’t want to heavily criticize the KP too much, because that will damage consumer confidence...Read More