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More U.S. Jewelers Close Shop in 3Q

Nov 15, 2016 9:10 AM   By Rapaport News
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Jewelry business closures in the U.S. increased 31 percent to 416 nationwide in the third quarter, according to data from the Jewelers Board of Trade (JBT).

Most companies had “ceased operations,” which means they closed for reasons other than financial difficulty or consolidation. These totaled 392, representing a 42 percent jump from a year ago. Bankruptcies crept up to 10 cases from nine a year earlier. Data refers to types of companies including retailers, repairers, wholesalers and manufacturers.

Figures show the U.S. jewelry industry continues to decline each quarter, with closures up 35 percent in the first quarter and 89 percent in the second.

However, cases of consolidation – a sale or merger – more than halved to 14 in July to September from 33 a year ago, the data showed.

The total number of registered jewelry businesses fell 4.8 percent to 27,142 in the third quarter. The steepest decline was among manufacturers, sliding 6.3 percent to 2,771. The number of retailers, the largest group, fell 4.5 percent to 20,414, while the wholesale sector shrank 5.3 percent to 3,957 businesses.
Tags: bankruptcies, consolidation, jbt, jewelers, jewelers board of trade, Jewelry, mergers, Rapaport News, u.s.
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