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Friedman's to hold bankruptcy liquidation sale

Apr '08
Friedman's Inc, which operated 455 retail jewelry stores under the Friedman's and Crescent brands, will conduct a court-ordered bankruptcy liquidation sale beginning April 5, 2008. The sale was ordered by the bankruptcy court as a result of Friedman's Chapter 11 filing earlier this year.

Inventory valued at approximately $400 million will be liquidated at below market prices in a sale that is expected to last approximately 10-12 weeks. Merchandise to be sold will include women's and men's fine and fashion jewelry, featuring diamonds, other precious stones, gold and silver, as well as a wide selection of watches.

The liquidation sale will involve 377 Friedman's and Crescent store locations in 23 southeastern, southwestern and mid-western states (see store list attached). Friedman's is currently in negotiations with an interested third party to sell its 78 remaining locations.

The Friedman's sale is being managed by a consulting group consisting of three leading national retail liquidation and asset recovery firms: Great American Group, LLC; Hudson Capital Partners, LLC; and Silverman Jeweler Consultants, Inc.

“We would like to express our appreciation to all of the Friedman employees who have invested considerable time and effort into building this fine jewelry chain,” said Harvey Yellen, Chairman of Great American Group. “It is unfortunate that Friedman's has to be liquidated after all of these years, and we will work with the employeesand personnel to ensure a smooth process.”

“Over the course of its 88 year history, Friedman's has built a reputation for selling fine jewelry. This liquidation sale offers a unique opportunity to acquire quality jewelry items at extraordinary values,” added James L. Schaye, Hudson Capital Partners President and CEO.

Friedman's Inc

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