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Canadian Jewelry Chain Ben Moss to Close
Aug 2, 2016 10:32 AM
By Rapaport News
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RAPAPORT... Canada’s Ben Moss Jewellers will shut all 54 of its stores across
the country after a weaker local currency and a softer economy in Western
Canada forced the company out of business.
"After considering all of our restructuring options,
including selling all or part of the business as a going concern, we have
determined that this is the best course," said Naveed Manzoor of
FAAN Advisors Group, the chief restructuring officer for Ben Moss.
The Winnipeg-based jeweler, which sells mid- to high-priced
jewelry, obtained court protection under the Companies’ Creditors Arrangement
Act in May. Working with Alvarez & Marsal Canada (A&M), the retailer’s
court-appointed monitor, Ben Moss hired Gordon Brothers Canada to manage
closing sales at 11 underperforming stores the same month.
Going-out-of-business sales began July 30 at all remaining outlets, with
discounts of up to 40 percent on all merchandise, including the entire stock of
fine gold and silver jewelry and “premier” Canadian diamond collections.
The store-closing process will be carried out by a joint
venture comprising Gordon Brothers, ULC and Hilco Global after the trio successfully
bid at an auction conducted by A&M.
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Tags:
Alvarez & Marsal, Ben Moss, Ben Moss Jewellers, Canada, Companies’ Creditors Arrangement Act, FAAN Advisors Group, Going-out-of-business sale, Gordon Brothers, Hilco Global, Rapaport News, restructuring, ULC, Western Canada
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