The after-Christmas after-shocks continue. We are clearly not out of the woods yet. However, we have an article below predicting a “retail rebound” after June … Let’s hope…
Quick reminder: If anyone wants to contact me about a news tip, or pitch story ideas (like, say, about a company), my email is rbates – at – reedbusiness.com.
And now the news …
Shane Co. goes Chapter 11.
– Plans to reorganize.
– Is inventory system to blame?
– Denver TV: Paychecks bouncing?
JCK holiday round-up of jewelers.
- NRF: Christmas worse than we feared.
– December largest “year to year decline on record.”
– Retail panel: “The Sky Has Fallen. Now What?”
Tiffany U.S. holiday sales down 31%.
– Profit forecast cut.
– Commentary from The Street, Motley Fool, Seeking Alpha, Investopedia and FT’s Alphaville.
Birks and Mayors sales also down 31%.
ISCS: Retail sales will rebound after June.
– CNN: “Case for a quick recovery.”
– Gassman: Americans “born to spend.” (Should we really reference Annie? It took place during the Depression.)
Forbes “new rules of luxury spending.” (Quotes De Beers)
Richline buys Tru-Kay.
Gottschalk’s goes Chapter 11.
– Finlay runs jewelry counters.
GLG: More bankruptcies to come.
– WSJ article on troubled retailers mentions Finlay.
Colibri Group closes down.
– Closing “surprised everybody.”
DTC sightholder in provisional liquidation.
Will diamond prices fall 30%?
– Israeli paper: Banks worried about industry.
– Reuters: African producers hurting.
Death By a Thousand Cuts
– Signet, Tiffany, Zale facing job cuts.
– Signet axes home office jobs.
– 25% of De Beers staff “at risk.”
– De Beers to lay off 1415 in South Africa.
– Christie’s, Sotheby’s also cut back.
– Layoffs at Hearts on Fire.
– Saks slashes 1,100 jobs.
Rio Tinto slows Argyle production.
– Hundreds of jobs axed.
– India worries about shortage.
– Rio chairman steps down.
Lazare Kaplan 2Q sales, profits fall.
Blue Nile: Is there “shift to traditional jewelers”?
– Analyst: Nile “hurt by competition.”
– Yehuda adds rubies to lawsuit.
Seeking Alpha on Harry Winston.
Vicenzaoro First “somewhat promising.”
Amberif to attract 6,000.
Target gets new chairman.
Amazon loses NY sales tax case.
Baltimore police: Jewelers violating metal laws.
Collectors Universe adopts “shareholder rights” plan.
Youri Steverlynck out in Dubai.
Zimbabwe “major test” for industry.
– World Diamond Council “deeply concerned.”
– Businessman dies after beating.
– NGOs push for removal.
Hillary Clinton praises Botswana diamond industry.
Controversy over Tanzania mine sale.
Leviev company heads take pay cut.
– Player in Apthorp “farce.”
Pep talks of the Week:
– Mark Boston: Stay confident!
– WFDB: Keep “long-term perspective.”
Michelle Obama’s jewelry subject of fevered speculation.
Fergie wedding “decked in diamonds.”
Sponge Bob square cuts?
Serena Williams sports diamond necklace. If she dropped it on the tennis court, we might have something.
The Charles Dickens love child diamond ring saga.
Media Watch:
– Seattle P-I and Birmingham News talks to local jewelers about holiday sales.
– Newsweek on the rise of costume jewelry. (Mentions lab grown diamonds.)
– The Houston Chronicle on recession-friendly jewelry.
– Ohio newspaper on eco-friendly (or not) gold.
– Toronotoist asks how to avoid blood diamonds.
From the Blog:
– Notes on Shane
– Layoffs at Hearts on Fire
– Hillary Clinton Praises Botswana Diamond Industry
Have a great weekend … and for those of you in the US, enjoy the holiday (Martin Luther King’s Day) weekend …
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