Gordon Brothers Canada, ULC and Hilco Global (through its Canadian division, Merchant Retail Solutions) announced that going-out-of-business sales will begin Saturday, July 30th at all 54 Ben Moss Jewellers Western Canada Ltd. (“Ben Moss”) locations. The joint venture partners were the successful bidder at an auction that was conducted by Alvarez & Marsal Canada Inc. (“A&M”), the court-appointed monitor of Ben Moss pursuant to its proceedings under the Companies’ Creditors Arrangement Act (“CCAA”). Accordingly, as approved by an order of the Ontario Superior Court of Justice (Commercial List), the joint venture partners have entered into an agency agreement with Ben Moss to undertake the store closing process under the supervision of A&M. Sales will offer storewide discounts of up to 40% on all merchandise, including the entire stock of fine jewelry in gold and silver as well as premier Canadian diamond collections. Ben Moss sells mid to high priced jewelry through retail stores across the country.
Winnipeg-based Ben Moss has been Canadian owned and operated since 1910. Hit by a weak Canadian dollar and the soft economy in Western Canada, Ben Moss obtained court protection under the CCAA several months ago. Working with A&M, as part of its turnaround efforts, Ben Moss hired Gordon Brothers Group to manage closing sales at 11 of their underperforming stores in May.
“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 based on the challenges we are facing,” said Naveed Manzoor of FAAN Advisors Group Inc., Chief Restructuring Officer of Ben Moss. “
A representative of the joint venture said, “We encourage all to take advantage of the incredible savings on the entire inventory, including, exclusive designs in diamond rings, engagement rings, anniversary rings, wedding bands, necklaces, bracelets, earrings and men's jewelry. This stunning selection of diamonds, gemstones, gold and silver is not to be missed! Customers should shop early to enjoy the best selections at up to 40% savings.”
Store fixtures, furniture and equipment will also be available for sale at a later date.