100-year-old jewelry chain to close all stores

Rethinking its earlier turnaround plans, a century-old Canadian jewelry chain has announced it will shutter all stores.



Winnipeg-based Ben Moss Jewellers, which has sold mid-to-high-priced jewelry since 1910, said it will close the 54-unit chain and has launched going-out-of-business sales that began on Saturday, July 30.



The liquidation efforts are being handled by Gordon Brothers Canada, ULC and Hilco Global (through its Canadian division, Merchant Retail Solutions).



Last May, the company announced that it was restructuring its operations after receiving creditor protection. However, according to chief restructuring officer Naveed Manzoor, after weighing restructuring options which included selling all or part of the business, Ben Moss has “determined that this is the best course based on the challenges we are facing."



The Canadian-owned-and-operated chain was hit by the weak Canadian dollar over the past few years and a soft economy in Western Canada; it sought and obtained court protection several months ago and hired Gordon Brothers Group Canada to manage its options, which at the time included closing 11 under-performing stores.