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AGOURA HILLS, Calif. (9/24/08) – Responding to market needs, Buxbaum Group, one of North America’s most experienced liquidators and appraisers of retail and wholesale goods, today announced the launch of a new venture focused on helping struggling jewelers liquidate their operations and to get maximum returns on excess inventory. The company is partnering in the new venture with Metropolitan Equity Partners, a New York City-based Private Equity firm that focuses on lower-middle market and growth-stage companies.
“Buxbaum Jewelry Advisors was formed in response to extreme stress in the American jewelry business, which has been hit hard by the Internet jewelry phenomenon as well as the economic slump,” said Paul Buxbaum, CEO of the Agoura Hills-based Buxbaum Group.
Marked by declining sales at venerable retail chains like Friedman’s Jewelers, Zales and, most recently, Whitehall Jewelers, the U.S. jewelry business has seen a rash of bankruptcies and store closings in recent months, noted Stevan Buxbaum, Executive Vice President. “We know this sector will continue to contract,” he said. “In fact, the Jewelers Board of Trade estimates that probably 20% or more of independent jewelry stores will go out of business over the next five years.”
Buxbaum Jewelry Advisors will draw on decades of experience in both jewelry liquidation and retail operations to organize, advertise and execute sales for its clients. “Our firm has a long history in the jewelry business. One branch of the family has operated jewelry stores since 1895, and we have extensive experience in liquidating catalog jewelry showrooms, as well as wholesale and retail jewelry,” said Stevan Buxbaum. “In forming this venture, we are recruiting a number of seasoned veterans in the jewelry liquidation industry. Our clients will be able to avail themselves of some of the best, hands-on, sales-operations talent in the country.”
Day-to day operations of the new venture will be led by jewelry industry veteran Gary Jorgensen, who will serve as Vice President responsible for new accounts and liquidation oversight. A certified gemologist, Jorgensen brings over three decades of experience in both the retail and asset recovery sides of the business. After closing his own store in 1987, Jorgensen began his asset recovery career with jewelry liquidator Silverman Consultants. Following 12 years with the company, he served as a lead consultant to Buxbaum Group and other major liquidators on various multi-store projects, before joining Wilkerson and Associates in 2005. Over the course of his career, he has directed orderly liquidations of hundreds of stores across North America, including projects at such companies as Friedman’s Jewelers and Sterling Jewelry and Distributing, Inc.
“We have known and worked with Gary for many years, including several assignments as our lead consultant on multi-store liquidations,” said Paul Buxbaum. “His knowledge of all facets of the jewelry industry and experience in running liquidations that generate strong sales and net returns, will make him a valuable member of our team. We are pleased to have Gary back with us on a full-time basis.”
Commenting on his firm’s association with Buxbaum Group in the new venture, Benjamin Yogel, Metropolitan Principal and Vice President of Buxbaum Jewelry Advisors, stated: “We are excited to partner with one of the preeminent leaders in the liquidation industry to provide needed assistance to the jewelry industry in these very challenging times.”
About Buxbaum Group - Buxbaum Group has built its reputation for over 30 years as one of the largest liquidators and appraisers of retail and wholesale inventories across North America. While continuing to operate in those areas, the company has shifted its primary focus in recent years to turnaround investing and advisory services.
About Metropolitan - Metropolitan Equity Partners is a trusted investment partner to leading lower-middle market and growth-stage companies. The Principals at Metropolitan have led investments in over 30 growth stage and middle-market companies over the course of their careers in addition to holding multiple operating roles in private companies in special situations. Metropolitan has made five investments in 2008, each time backing a proven management team in a strong industry.
Press Contacts: At Buxbaum Group, Stevan Buxbaum (612) 363-6517; at Parness & Associates Public Relations, Bill Parness or Lisa Kreda , (732) 290-0121 |  |  |
