Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
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
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.