By Lenore Fedow
A Samuels Jewelers store in Chapel Hills Mall in Colorado Springs, Colorado. The retailer sold its leftover inventory to jewelry liquidator SimplexDiam after closing all of its stores in February. (Image courtesy of Samuels Jewelers’ Facebook page)
New York—Jewelry liquidator SimplexDiam announced Tuesday that it has bought the remaining inventory from defunct retailer Samuel Jewelers.

The Austin, Texas-based retailer, one of several U.S. entities caught up in the $2 billion Indian banking scandal, closed all locations in February following a Chapter 11 bankruptcy filing last August.

The retailer initially aimed to sell its assets as a going concern but a $16 million credit bid from Wells Fargo, the company’s primary lender, put an end to hopes of a sale.

SimplexDiam bought the leftover inventory of 150 Samuels Jewelers stores, amounting to more than 33,000 pieces worth about $90 million in total.

The sale marks the largest liquidation of a retailer’s residual jewelry inventory in the past 10 years, the company said.

The inventory includes pieces from a range of categories, including bridal and fashion, as well as semi-mounts, stud earrings, solitaires and lab-grown jewelry.

SimplexDiam will sell the inventory via various trade shows from August to October, including at the Atlanta Jewelry Show this weekend (Aug. 10-12) and the Hong Kong Gem and Jewellery Fair in September.

A full list of the trade shows where the jewelry will be available can be found on the company’s website.

Get the Daily News >
National Jeweler

Fine Jewelry Industry News

Since 1906, National Jeweler has been the must-read news source for smart jewelry professionals--jewelry retailers, designers, buyers, manufacturers, and suppliers. From market analysis to emerging jewelry trends, we cover the important industry topics vital to the everyday success of jewelry professionals worldwide. National Jeweler delivers the most urgent jewelry news necessary for running your day-to-day jewelry business here, and via our daily e-newsletter, website and other specialty publications, such as "The State of the Majors." National Jeweler is published by Jewelers of America, the leading nonprofit jewelry association in the United States.