Buxbaum Group News - March 24, 2009

JEWELRY SUPERSTORE IN BONITA SPRINGS, FLA. OFFERS HUGE DISCOUNTS IN GOING-OUT-OF-BUSINESS SALE VALUED AT APPROXIMATELY $8 MILLION - Now under bank control, Henricks Jewelers sheds its inventory in a bid to pay off creditors.

BONITA SPRINGS, Fla. (3/24/09) – Henricks Jewelers, the 27-year-old jewelry superstore that earned a reputation for its diverse collections of designer pieces and quality gemstones, is liquidating the entire inventory of its 12,000-sq.-ft. Bonita Springs showroom at discounts of 40% to 80% off. The inventory is valued at approximately $8.0 million at retail.

The ongoing, 60-day sale at 27820 Tamiami Trail spans thousands of items, including precious diamonds, rubies, emeralds and sapphires; semi-precious blue topaz, amethysts and pearls; a wide variety of watches (including pre-owned Rolexes), as well as rings, bracelets, necklaces and earrings made from gold, silver and platinum and set with diamonds and fine gemstones. The sale also includes a selection of diamond engagement rings offered at below wholesale cost. Discounted prices start at under $100.

“The U.S. jewelry sector is contracting along with the economy, and national and regional chains alike are struggling to stay afloat,” said Gary Jorgensen, vice president of Buxbaum Jewelry Advisors, which is conducting the going-out-of-business sale on behalf of the financial institution which took possession of the store’s inventory following a bankruptcy judge’s order last week. “The good news for price-conscious consumers is that this trend is creating once-in-a-lifetime buying opportunities. The Henricks Jewelers sale is a perfect example.”

Originally founded in 1982 by Henry Grimes and his son Rick (“Henricks” is a play on their first names) Henricks Jewelers was one of the highest-volume independent jewelers in the United States for much of its history. Its holiday promotions, in particular, attracted bargain-hunters from across southwestern Florida.

The retailer, which was purchased by Luxury Ventures LLC in 2003, has operated other locations in Alaska, Naples, Sarasota and Fort Myers. In recent years, however, it began losing market share to competitors, and its troubles mounted with the onset of the economic downturn, in part because it was saddled by debt acquired during its failed attempt to expand into local and national markets. Henricks filed for Chapter 11 bankruptcy protection in November 2007, emerged as a newly reorganized company in March 2008, but subsequently was unable to meet its financial obligations.

Sale hours are 9:30 a.m. to 6 p.m., Mon.-Sat. All forms of payment accepted.

About Buxbaum Jewelry Advisors/Buxbaum Group - Buxbaum Jewelry Advisors has assembled a team of jewelry professionals that have provided wholesale and retail jewelers with financial solutions for more than 20 years. It offers a wide range of services and can meet the needs of both financially distressed and profitable jewelry retailers and wholesalers. It is a division of Agoura Hills, Calif.-based Buxbaum Group, which has built its reputation for over 30 years as one of the largest liquidators and appraisers of retail and wholesale inventories across North America.

Press Contacts: At Buxbaum Jewelry Advisors, Gary Jorgensen, 623-703-6929; at Parness & Associates Public Relations, Lisa Kreda or Bill Parness, (732) 290-0121, Sale contact info.: Henricks Jewelers, Bonita Springs, Fla.

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