After 113-years in business, Whitehall Jewelers said today its 373 stores in 39 states will be liquidated following the company's inability to find a buyer or drum up fresh equity after filing for Chapter 11 in late June.
"We're experiencing the most active period of liquidation sales in 10 years, due to a combination of consumer cutbacks on peripheral pending and tightening by retail lenders," said James Schaye, CEO of retail liquidator Hudson Capital Partners.
As part of a joint venture Hudson Capital Partners, Great American Group, Silverman Jeweler Consultants and Gordon Brothers Group will manage a court-ordered bankruptcy liquidation sale of Whitehall.
The sale, which will begin Aug.13, was ordered by the bankruptcy court as a result of Whitehall's Chapter 11 filing in June.
Inventory will be liquidated at below market prices, in a sale that is expected to last approximately four and a half months. Merchandise to be sold will include a selection of diamonds, gold, precious and semi-precious jewelry and watches.
Today a judge also approved Whitehall Jewelers Holdings Inc.'s request to employ a financial consulting firm over objections by a federal monitor who claimed that the move would represent a conflict of interest.
Bakersfield Lundstrom201 Valley Plaza CenterBakersfield, CA
Bakersfield Whitehall2701 Ming AvenueBakersfield, CA
Look for more commerical space to open up as the economy begins to slow. If you have driven around town you already know there are entire strip centers that are 80-100% vacant. As more businesses go bust, I expect more malls & strip centers to receive foreclosure notices.
Recall this post from the local perma-bulls who made some comments they might regret.