After 125 years in business, Samuels Jewelers is currently holding store-closing sales amid the company's Chapter 11. CEO Farhad Wadia is remaining hopeful for a buyer, saying that several have expressed interest in the enterprise. He told JCK in an interview that around 70-80 stores, as well as the brand itself, have the potential to be scooped up in a purchase.
“We have accumulated $150 million in inventory,” said Wadia. “To sell it is no easy task. Buyers are interested in the brand, they are interested in the stores, but they aren’t interested in the inventory. We are hopeful that once we liquidate all the inventory, we will become an attractive proposition.”
Any buyers who are interested have until January 21, 2019, to submit bids. The company is openly searching for a going-concern purchaser. A release from liquidator Gordon Brothers added that “in the event a transaction is consummated, certain or all of the stores may remain open.”