Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
Midwest Pawnbroker Files for Bankruptcy
Pawn America, which has 23 stores in four states, filed for Chapter 11 and says it will reorganize and emerge.
Burnsville, Minn.--Pawn America has filed for Chapter 11 voluntary bankruptcy protection but plans to reorganize and emerge, the company said Monday.
The Burnsville, Minnesota-based pawnbroker filed April 12 in U.S. Bankruptcy Court for the District of Minnesota, citing $10 to $50 million in estimated assets but an equal amount in estimated liabilities.
The company’s bankruptcy filing also shows that it has between 200 and 999 creditors and expects to be able to have funds to distribute to unsecured creditors.
Company spokesman Mike Erlandson said Monday that no decisions have been made regarding store closures or layoffs, though the press release announcing the Chapter 11 filing noted that in bankruptcy, the company will “strengthen its balance sheet, optimize its footprint and aggressively manage the real estate lease portfolio.”
Erlandson said Pawn America is facing a lot of the same challenges as other brick-and-mortar businesses.
“A pawn store is a retail store. It just happens to be secondhand retail,” he said. “If you look at the retail sector over the course of the last several years, there have been a number of companies that are household names … that have had to do restructuring.”
Chief among them are Macy’s, which is set to close 14 percent of its full-line stores this year, Sears, and J.C. Penney, which also plans to shutter about 14 percent of its stores.
Erlandson added that the company relaunched its website last year and began selling all products online instead of just select categories. “There’s no question that there’s going to be a lot that goes into trying to drive sales through the website,” he said.
Company President Brad Rixmann opened the first Pawn America store in Robbinsdale, Minnesota, in 1991.
Today, there are a total of 23 Pawn America locations (there were 24 until last year, when one closed) in four states: Minnesota, Wisconsin, North Dakota and South Dakota.
The company that operates the pawn store chain also owns cash advance company PayDay America, pre-paid card company CashPass, and My Bridge Now, a company that provides short-term collateral loans.
Erlandson said the range of fine jewelry sold by Pawn America is “significant” and includes “Signature,” its own line of sterling silver stackable rings featuring colored gemstones that launched in early 2016.
Stinson Leonard Street LLP will act as the company’s legal adviser for the Chapter 11 process while Alliance Management is its restructuring adviser.
The Latest
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.