Whitehall to Liquidate $750 Million of Inventory in Bankruptcy Sale

Inventory worth an estimated $750 million will be offered in a bankruptcy liquidation sale at Whitehall Jewelers starting Wednesday. The sale was ordered by the bankruptcy court following Whitehall’s Chapter 11 filing in June, the retailer’s liquidators announced.

Whitehall’s inventory - including diamonds, gold, precious and semi-precious jewelry and watches - will be liquidated at below market prices, in a sale that is expected to last approximately four and a half months.

The liquidation sale will take place at 373 Whitehall store, including 78 retail locations that were acquired in April 2008 from Friedman’s Jewelers. 

“The Whitehall liquidation was ordered after exhaustive efforts to sell the specialty retail chain or obtain fresh equity both proved unsuccessful,” said Harvey Yellen, Chairman of Great American Group, part of a joint venture of national retail liquidation and asset recovery firms that are managing the liquidation.

Great American Group, together with joint venture partners Hudson Capital Partners and Silverman Jeweler Consultants, recently managed the liquidation of Friedman’s Jewelers.