Regional jewelry store operator Mayor’s Jewelers Inc. said on Monday it has asked its financial advisers to explore strategic options, including a possible sale of the company, Reuters reported.
The Sunrise, Fla.-based retailer, which operates 35 luxury jewelry stores in eight states, said it directed New York investment bank TM Capital Corp. “to pursue strategic alternatives necessary to enhance stockholder value, including a sale of Mayor’s business to another entity, a merger, or a consolidation of Mayor’s with another entity.”
The stock rose 16 cents to $4 on the American Stock Exchange. The stock’s 52-week range is $1.875 to $4.50.
“We believe that Mayor’s is poised for greatness, and that we have all the resources to achieve our business strategy,” Mayor’s Chairman and Chief Executive Isaac Arguetty said in a statement. “We recognize, however, that this is an appropriate time to explore opportunities to maximize shareholder value, and we are committed to this goal.”
Last month, Samuel Gertz resigned as president of its retail unit. On March 21, the company posted operating income in the fourth quarter of $6.7 million, or 33 cents a share, on sales of $71.5 million.