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SimplexDiam Buys Remaining Samuels Jewelers Inventory
The jewelry liquidator purchased about $90 million worth of inventory from the retailer, which closed all of its stores in February.
A Samuels Jewelers store in Chapel Hills Mall in Colorado Springs, Colorado. The retailer sold its leftover inventory to jewelry liquidator SimplexDiam after closing all of its stores in February. (Image courtesy of Samuels Jewelers’ Facebook page)
New York—Jewelry liquidator SimplexDiam announced Tuesday that it has bought the remaining inventory from defunct retailer Samuel Jewelers.
The Austin, Texas-based retailer, one of several U.S. entities caught up in the $2 billion Indian banking scandal, closed all locations in February following a Chapter 11 bankruptcy filing last August.
The retailer initially aimed to sell its assets as a going concern but a $16 million credit bid from Wells Fargo, the company’s primary lender, put an end to hopes of a sale.
SimplexDiam bought the leftover inventory of 150 Samuels Jewelers stores, amounting to more than 33,000 pieces worth about $90 million in total.
The sale marks the largest liquidation of a retailer’s residual jewelry inventory in the past 10 years, the company said.
The inventory includes pieces from a range of categories, including bridal and fashion, as well as semi-mounts, stud earrings, solitaires and lab-grown jewelry.
SimplexDiam will sell the inventory via various trade shows from August to October, including at the Atlanta Jewelry Show this weekend (Aug. 10-12) and the Hong Kong Gem and Jewellery Fair in September.
A full list of the trade shows where the jewelry will be available can be found on the company’s website.
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