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Going-Out-Of-Business Sales Begin At All Ben Moss Jewellers Stores Saturday, July 30th

Aug 02, 2016

GORDON BROTHERS GROUP, ULC & HILCO GLOBAL TO MANAGE TOTAL INVENTORY LIQUIDATION

BOSTON, July 29, 2016 /CNW/ -- Gordon Brothers Group (through its Canadian division, Gordon Brothers Canada), ULC and Hilco Global (through its Canadian division, Merchant Retail Solutions) announced today that going-out-of-business sales will begin Saturday, July 30th at all 54 Ben Moss Jewellers Western Canada Ltd. ("Ben Moss") locations.  The joint venture partners were the successful bidder at an auction that was conducted by Alvarez & Marsal Canada Inc. ("A&M"), the court-appointed monitor of Ben Moss pursuant to its proceedings under the Companies' Creditors Arrangement Act ("CCAA").  Accordingly, as approved by an order of the Ontario Superior Court of Justice (Commercial List), the joint venture partners have entered into an agency agreement with Ben Moss to undertake the store closing process under the supervision of A&M.  Sales will offer store wide discounts of up to 40% on all merchandise, including the entire stock of fine jewelry in gold and silver as well as premier Canadian diamond collections. Ben Moss sells mid to high priced jewelry through retail stores across the country.

Winnipeg-based Ben Moss has been Canadian owned and operated since 1910. Hit by a weak Canadian dollar and the soft economy in Western Canada, Ben Moss obtained court protection under the CCAA several months ago.  Working with A&M, as part of its turnaround efforts, Ben Moss hired Gordon Brothers Canada to manage closing sales at 11 of their underperforming stores in May.

"After considering all of our restructuring options, including selling all or part of the business as a going concern, we have determined that this is the best course based on the challenges we are facing," said Naveed Manzoor of FAAN Advisors Group Inc., Chief Restructuring Officer of Ben Moss. 

A representative of the joint venture said, "We encourage all to take advantage of the incredible savings on the entire inventory, including, exclusive designs in diamond rings, engagement rings, anniversary rings, wedding bands, necklaces, bracelets, earrings and men's jewelry. This stunning selection of diamonds, gemstones, gold and silver is not to be missed! Customers should shop early to enjoy the best selections at up to 40% savings."

Store fixtures, furniture and equipment will also be available for sale at a later date.  

Editors, please reference store list:                                  

STORE

 



CITY

 


PROVINCE

 











Shoppers Mall

 



Brandon

 


MB

 



Polo Park Shopping Centre

 



Winnipeg

 


MB

 



St. Vital Centre

 



Winnipeg

 


MB

 



Garden City Shopping Centre

 



Winnipeg

 


MB

 



Kildonan Place

 



Winnipeg

 


MB

 



Peter Pond Shopping Centre

 



Fort McMurray

 


AB

 



Prairie Mall

 



Grande Prairie

 


AB

 



Medicine Hat Mall

 



Medicine Hat

 


AB

 



Bower Place

 



Red Deer

 


AB

 



Parkland Mall

 



Red Deer

 


AB

 



Londonderry Mall

 



Edmonton

 


AB

 



Kingsway Mall

 



Edmonton

 


AB

 



Sherwood Park

 



Sherwood Park

 


AB

 



West Edmonton Mall

 



Edmonton

 


AB

 



Southgate Centre

 



Edmonton

 


AB

 



Park Place

 



Lethbridge

 


AB

 



Lloyd Mall

 



Lloydminister

 


AB

 



Sunridge Mall

 



Calgary

 


AB

 



Chinook Centre

 



Calgary

 


AB

 



Southcentre Mall

 



Calgary

 


AB

 



Market Mall

 



Calgary

 


AB

 



CrossIron Mills

 



Rocky View

 


AB

 



Woodgrove Centre

 



Nanaimo

 


BC

 



Orchard Park Shopping Centre

 



Kelowna

 


BC

 



Sevenoaks Shopping Centre

 



Abbotsford

 


BC

 



Mayfair Shopping Centre

 



Victoria

 


BC

 



Metropolis at Metrotown

 



Burnaby

 


BC

 



Coquitlam Centre

 



Coquitlam

 


BC

 



Guildford Town Centre

 



Surrey

 


BC

 



Willowbrook Shopping Centre

 



Langley

 


BC

 



Southland Mall

 



Regina

 


SK

 



Northgate Mall

 



Regina

 


SK

 



Circle & Eighth

 



Saskatoon

 


SK

 



Midtown Plaza

 



Saskatoon

 


SK

 



Carlingwood Mall

 



Ottawa

 


ON

 



Intercity Shopping Centre

 



Thunder Bay

 


ON

 



New Sudbury Centre

 



Sudbury

 


ON

 



Quinte Mall

 



Belleville

 


ON

 



Oshawa Centre

 



Oshawa

 


ON

 



Mapleview Shopping Centre

 



Burlington

 


ON

 



Cataraqui Town Centre

 



Kingston

 


ON

 



Pickering Town Centre

 



Pickering

 


ON

 



Masonville Place

 



London

 


ON

 



Erin Mills Town Centre

 



Mississauga

 


ON

 



White Oaks

 



London

 


ON

 



Pen Centre

 



St. Catharines

 


ON

 



Devonshire Mall

 



Windsor

 


ON

 



Lambton Mall

 



Sarnia

 


ON

 



Fairview Mall

 



Toronto

 


ON

 



Scarborough Town Centre

 



Scarborough

 


ON

 



Square One Shopping Centre

 



Mississauga

 


ON

 



Vaughan Mills Shopping Centre

 



Vaughan

 


ON

 



Cookstown

 



Cookstown

 


ON

 



Mic Mac Mall

 



Dartmouth

 


NS

 



 

About Gordon Brothers Group

Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial, and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, mitigating leases, appraising assets and operating businesses for extended periods.  Gordon Brothers Group conducts over $50 billion worth of transactions and appraisals annually.  As of November 2014, debt financing is provided by Gordon Brothers Finance Company (www.gbfinco.com).  

About Hilco Global

Merchant Retail Solutions is part of Northbrook, Illinois based Hilco Global, one of the world's leading authorities on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace.  Hilco Global operates twenty specialized business units offering services that include asset appraisal, retail and industrial inventory acquisition and disposition, real estate repositioning and renegotiation, strategic advisory and operational consulting and strategic capital equity investments.  For more information please visit: (www.hilcoglobal.com).