CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
FinancialsJul 09, 2014
Jewelry auction website Bidz to liquidate
The final gavel seemingly has dropped for Bidz.com Inc., which once sold millions of dollars in fine jewelry a year via its live online auction format but has struggled financially the last several years.
Los Angeles--The final gavel seemingly has dropped for Bidz.com Inc., which once sold millions of dollars in fine jewelry a year via its live online auction format but has struggled financially the last several years.
On June 26, a group of six jewelry industry suppliers and manufacturers owed a total of $1.3 million by Bidz.com filed a Chapter 7 (involuntary) bankruptcy petition against the e-tailer in U.S. Bankruptcy Court in Delaware.
Two weeks later, Bidz.com interim CEO Evan Warshawsky filed a declaration in response stating that the company had ceased its website sales as of June 12 and has opted to begin liquidating under the direction of Insolvency Services Group Inc.
“Over the past number of years, Bidz faced declining sales and recently faced additional liquidity constraints. As a consequence of the foregoing, Bidz was under substantial payment pressure from its vendors and faced difficulties in acquiring inventory,” Warshawksy’s declaration states.
According to court papers, in April Bidz returned about $5 million in inventory to its suppliers, which caused it to default on its loan with secured lender Salus Capital Partners LLC, to which it owes more than $19 million that was secured by the company’s assets.
Bidz also has unsecured trade and expense debts totaling $8.4 million. Of the suppliers involved in the Chapter 7 filing, court papers show that Orchid Jewelry Mfg. Inc. holds the largest claim against the company, a total of $799,911. The other suppliers on the petition are Dinurje Corp., Kiran Jewels Inc., Quintessence Jewelry Corp. and Unique Designs Inc.
As of Wednesday, the Bidz.com website still was up but there were no auctions scheduled and no inventory posted. Its sister site, the fixed-price shop Buyz.com, no longer appears to be operational.
The attorney for Insolvency Service Group said they could not answer any questions about Bidz.com’s liquidation because of pending litigation against the e-tailer.
Founded in 1998 and based in Culver City, Calif., Bidz.com once sold so much jewelry--via both its live auction format on Bidz.com and its fixed-priced website, Buyz.com--that it was included in National Jeweler’s annual list of $100 Million Supersellers list, raking in $104.8 million in sales in 2010.
In 2011, however, its sales began to drop, and in 2012 Glendon Group Inc. acquired the once-public company and took it private.
RELATED CONTENT: Jewelry auction site Bidz.com going private
In addition to sliding sales, the company
faced a number of lawsuits, including a federal derivative lawsuit accusing it of, among other things, shill bidding--having phony bidders put in offers to drive up the price of items. That case was dismissed.
A separate class-action suit also was filed against Bidz.com by its shareholders.
More on Financials
The Latest
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
SourcingMay 01, 2024
Opsydia Names New Sales and Marketing Director Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
CollectionsApr 30, 2024
12 Otherworldly Pieces From Tiffany & Co.’s 2024 Blue BookThe “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
MajorsApr 30, 2024
Zales Celebrates 100 Years With New CampaignThe brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
MajorsApr 30, 2024
Platinum Guild International Appoints New CEOTim Schlick has been promoted from his previous position as COO.
Events & AwardsApr 30, 2024
Canadian Jewellers Association Brings Back the Summit It’s the second year for the event, slated to take place in October in Toronto.
Recorded WebinarsApr 29, 2024
Watch: Diamond Identification and Evaluation - How to Protect your BusinessSupplier Spotlight Sponsored by GIA
SourcingApr 29, 2024
De Beers to Move Auction HQ from Singapore to BotswanaSales will be paused while the relocation takes place over the next few months.
CollectionsApr 29, 2024
Simone I. Smith Mixes Denim and Diamonds in New Collection“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
IndependentsApr 29, 2024
Venus Jewelers Relocating After 45 YearsThe retailer is moving to a newly designed space in the same shopping center.
SurveysApr 29, 2024
Mother’s Day Jewelry Spending to Reach $7B, Says NRFGifts that are unique and thoughtful are top of mind this year, according to the annual survey.
CollectionsApr 26, 2024
Piece of the Week: Jacquie Aiche’s Starry Galaxy NecklaceThe necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Events & AwardsApr 26, 2024
AGS Conclave and GIA Symposium Are ConvergingThe two organizations will host a joint event, “Converge,” in September 2025.
SourcingApr 26, 2024
Anglo American Reportedly Shopping De Beers as BHP Eyes Anglo Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Events & AwardsApr 25, 2024
Alexis Padis Takes Over as AGS Board President Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
EditorsApr 25, 2024
5 Tips for Creating Fans from the Top (Savannah) Banana Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
WatchesApr 25, 2024
Audemars Piguet and John Mayer Partner on Limited Edition WatchThe Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
SourcingApr 25, 2024
De Beers Lowers Production Guidance for 2024The announcement came as the company reported a 23 percent drop in production in Q1.
