Home / Knowledge / News / Fashion / Whitehall buys certain assets of Friedman's & Crescent
Whitehall buys certain assets of Friedman's & Crescent
14
Apr '08
Whitehall Jewelers Holdings Inc, a leading national specialty retailer of fine jewelry, announced that its wholly owned subsidiary, Whitehall Jewelers Inc has acquired certain assets of, and has assumed certain leases from, Friedman's Inc and Crescent Jewelers (collectively, Friedman's) for approximately $14.3 million.

Whitehall is acquiring the inventory, prepaid assets, deposits and other tangible property related to 78 Friedman's stores and plans to continue to operate substantially all of these retail locations as either Whitehall or Lundstrom stores. Whitehall may additionally acquire certain consignment goods currently held for sale by Friedman's, subject to obtaining certain consents.

Edward Dayoob, Chairman and Chief Executive Officer of Whitehall, commented, “We are very pleased to have capitalized on this opportunity, which fits well into a corporate strategy that includes growing the business through acquisitions.

The acquisition of these assets considerably increases the number of jewelry stores that we will operate and will increase our market share. It also will allow us to strengthen our current Whitehall operations as well as leverage our management team and existing infrastructure, which we expect will result in a more competitive company overall.”

The purchase price, which is subject to adjustment after a physical inventory is completed by a third party, was equal to 63% of the aggregate cost value of the inventory. Whitehall paid 67% of the purchase price at closing, and has delivered an irrevocable standby letter of credit to Friedman's to secure its obligation to pay the balance.


Must ReadView All

EU renews GSP+ scheme for Pakistan 2 years

Apparel/Garments | On 24th Feb 2018

EU renews GSP+ scheme for Pakistan 2 years

Pakistani exporters can enjoy preferential duties on exports to the...

Surat wary of e-way bills

Textiles | On 24th Feb 2018

Surat wary of e-way bills

There is no respite for Surat’s textile manufacturers and retailers....

Retailers choose sides in Alibaba-Tencent battle in China

Apparel/Garments | On 24th Feb 2018

Retailers choose sides in Alibaba-Tencent battle in China

Two big Chinese firms— Alibaba Group Holding Ltd and Tencent Holdings ...

Interviews View All

Top executives
Fashion houses, India

With technology, it has become easier to ensure IPR

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Urmil Arya

Sushila International, a well established textile organisation established ...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search