SimplexDiam Extends Fortunoff Liquidation

SimplexDiam Inc. recently announced that they purchased 20,000 pieces of closeout jewelry from the Colibri receivership, to add to existing inventory. More than 60% of the merchandise prepared for the JCK Las Vegas show with initial reports showing nearly double last year’s customer acquisition rate. In other company news, based on the response to interest shown at the JCK show, SimplexDiam has extended the Fortunoff loose diamond auction deadline to June 16.

“Thanks to the dedication of our team, we had an average of 15 customers in the booth at all times. The Simplex team has worked grueling hours since January. They’ve skipped weekends with their families and delayed vacations to get this result. It’s been a tough ride, but the finish line is well worth it,” CEO Yogesh Madhvani said in a statement on June 5.

The attention to the merchandise at the show also boosted the interest in the Fortunoff loose diamond auction. Simplex has offered both a minimum guaranteed recovery and a commitment of all of its resources to making the loose diamond auction a success. Their promotions in Las Vegas have led to unprecedented interest.

“We have received significant deposits from bidders interested in the closeout loose diamonds,” says VP of Finance, Shail Madhvani. “In order to ensure that there are enough time slots available to view the merchandise, we have extended the auction timeframe. Luckily, the estate has agreed that this is best for all parties involved.”