CollectionsApr 25, 2025
Sylvie Looks to Water in New Sculptural Bridal Collection“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.
MajorsApr 18, 2017
Midwest Pawnbroker Files for Bankruptcy
Pawn America, which has 23 stores in four states, filed for Chapter 11 and says it will reorganize and emerge.
Burnsville, Minn.--Pawn America has filed for Chapter 11 voluntary bankruptcy protection but plans to reorganize and emerge, the company said Monday.
The Burnsville, Minnesota-based pawnbroker filed April 12 in U.S. Bankruptcy Court for the District of Minnesota, citing $10 to $50 million in estimated assets but an equal amount in estimated liabilities.
The company’s bankruptcy filing also shows that it has between 200 and 999 creditors and expects to be able to have funds to distribute to unsecured creditors.
Company spokesman Mike Erlandson said Monday that no decisions have been made regarding store closures or layoffs, though the press release announcing the Chapter 11 filing noted that in bankruptcy, the company will “strengthen its balance sheet, optimize its footprint and aggressively manage the real estate lease portfolio.”
Erlandson said Pawn America is facing a lot of the same challenges as other brick-and-mortar businesses.
“A pawn store is a retail store. It just happens to be secondhand retail,” he said. “If you look at the retail sector over the course of the last several years, there have been a number of companies that are household names … that have had to do restructuring.”
Chief among them are Macy’s, which is set to close 14 percent of its full-line stores this year, Sears, and J.C. Penney, which also plans to shutter about 14 percent of its stores.
Erlandson added that the company relaunched its website last year and began selling all products online instead of just select categories. “There’s no question that there’s going to be a lot that goes into trying to drive sales through the website,” he said.
Company President Brad Rixmann opened the first Pawn America store in Robbinsdale, Minnesota, in 1991.
Today, there are a total of 23 Pawn America locations (there were 24 until last year, when one closed) in four states: Minnesota, Wisconsin, North Dakota and South Dakota.
The company that operates the pawn store chain also owns cash advance company PayDay America, pre-paid card company CashPass, and My Bridge Now, a company that provides short-term collateral loans.
Erlandson said the range of fine jewelry sold by Pawn America is “significant” and includes “Signature,” its own line of sterling silver stackable rings featuring colored gemstones that launched in early 2016.
Stinson Leonard Street LLP will act as the company’s legal adviser for the Chapter 11 process while Alliance Management is its restructuring adviser.
More on Majors
The Latest
FinancialsApr 25, 2025
Kering’s Jewelry Brands Persevere as Q1 Sales Sink 14%Boucheron and Pomellato performed well in an otherwise bleak quarter for Kering amid struggles at Gucci.
EditorsApr 25, 2025
Piece of the Week: Deborah Meyers Experience’s ‘The Birds’ EarringsDesigner Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.
Brought to you by
Emerging Jewelers Accelerator Program Announces Second Cohort of Aspiring Jewelry Entrepreneurs Six new retail businesses were selected for the 2025 program, which began in January.
SourcingApr 25, 2025
De Beers Sales, Production Fall in Q1 Amid UncertaintyThe company said it expects sightholders to remain “cautious” with their purchasing due to all the unknowns around the U.S. tariffs.
Weekly QuizApr 24, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinApr 24, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. ExpansionSimon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.
Brought to you by
Protect Your Customers and Your BusinessThe risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99 A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.
FinancialsApr 24, 2025
Charles & Colvard Delisted From Nasdaq Due to NoncomplianceThe company failed to file its quarterly reports in a timely manner.
SourcingApr 24, 2025
Young Diamantaires Transition to NonprofitThe organization also announced its board of directors.
TrendsApr 24, 2025
Amanda’s Style File: So CharmingCharms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ AwardPaola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to AuctionA platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine JewelryThe Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry CollectionThe 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of MouthLilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth OfficerGCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow IndependentThe Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.
IndependentsApr 21, 2025
New York Jeweler to Close After 111 YearsVan Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise StrategyIndustry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host ConventionThe two organizations will hold the educational event together this fall in Mississippi.
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ PendantThe Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated StoreThe jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day CampaignThe “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.
