Samuels Jewelers Will Liquidate
Samuels Jewelers joins the list of retailers closing its doors forever. A bankruptcy judge in Delaware approved the Austin, Tex.-based company’s request to adjust its Chapter 11 bankruptcy protection to a Chapter 7 on Wednesday. Under the terms of a Chapter 7 bankruptcy, however, the retailer will be forced to liquidate. The jewelry company, which operates under the Samuels Diamonds, Rogers, Andrews and Schubach nameplates, filed for Chapter 11 bankruptcy protection on Aug. 7, 2018, “with the dual-track goal of reducing its excess inventory and selling all of, or substantially all of, its assets to a going-concern buyer,” according to court documents. “We are confident that we are taking the right steps for Samuels Jewelers,” Farhad Wadia, Samuels Jewelers’ chief executive officer, said in a statement at the time. “Our customers around the U.S. can continue to count on an outstanding shopping experience and excellent service whenever, wherever and however they choose to shop with us.” That meant the continued operation of its 122 retail locations across the nation and the company’s web site. But in February, Samuels, which was founded in 1891, began closing unprofitable stores while trying to renegotiate its remaining real estate leases. This wasn’t the company’s firstFollow WWD on Twitter or become a fan on Facebook.
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