Brodkey’s Jewelers, the 132-year-old nine-store chain that filed for Chapter 11 on Feb. 4, will liquidate its assets, according to court papers.
Wilkerson and Associates will handle the liquidation sales for the company’s nine stores, seven of which are located in Nebraska and two in Iowa.
While the company had some interest from “going concern bidders,” in the end the bidding came down to two liquidators, said CEO Oliver Keene. The auction was held on Feb. 28, with final approval from the judge coming on Mar. 1.
The company had hoped to sell its assets to another Midwest chain, Riddle’s Jewelry, but that company ultimately withdrew its offer.
In Brodkey’s original motion for Chapter 11, its lawyers admitted the company is “under-performing.” “[An] immediate wind-down of the business, the closure of its stores, and sale of the assets is necessitated,” company lawyers wrote in a motion.
The company was founded by Morris Brodkey in 1880, the year James A. Garfield was elected president. It became known for its slogan: “Meet the Brodkey boys …wear diamonds.”