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U.S. Jewelry Trade Shrinks in 2016
Feb 2, 2017 4:58 AM
By Rapaport News
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RAPAPORT... The number of jewelry businesses operating in the U.S. fell 6 percent last year as more than 1,000 retailers closed down or merged
with competitors.
The drop took the total number of U.S. firms listed by the
Jewelers Board of Trade (JBT) to 26,725 at the end of 2016, the industry association
said.
The number of businesses that ceased operations – meaning
their closure was not due to financial failure or a merger – leapt 63 percent
to 1,518 during the year. Cases of consolidation, including mergers or
takeovers, increased 3.5 percent to 118. Meanwhile, there were just 33 bankruptcies during the year, a 15 percent decline from 2015.
Within the jewelry trade, the manufacturing sector contracted
at the highest rate, with total closures more than doubling to 150 from 59 in the
previous year. Terminations in the wholesale segment jumped 85 percent to 250,
while the number of jewelry retailers that closed increased 43 percent to 1,269, JBT reported.
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Tags:
bankruptcies, consolidation, jewelers board of trade, Jewelry, Jewelry Business Closures, mergers, Rapaport News, takeovers
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