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Henricks Jewelers starts store-closing sales

April 01, 2009

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Bonita Springs, Fla.--Henricks Jewelers in Bonita Springs, Fla., is liquidating its entire inventory after 27 years in business.

According to a press release issued on March 24, Henricks, which Luxury Ventures LLC purchased in 2003, once included a chain of five stores, with one location in Alaska and four in the Florida cities of Fort Myers, Naples, Sarasota and Bonita Springs.

In recent years, however, Henricks began losing market share to competitors, and its troubles mounted when the economic crisis erupted as the chain was saddled with debt acquired when it attempted to expand into local and national markets, the release states.

Henricks filed for Chapter 11 bankruptcy protection in November 2007, emerged in March 2008, but then subsequently was unable to meet its financial obligations.

According to a spokesman, the Bonita Springs store is the last to close.

The ongoing sale includes $8 million in inventory spanning thousands of items including jewelry made with precious and semi-precious stones and pearls, new and pre-owned Rolexes, and a selection of diamond engagement rings.

Prices start at less than $100, according to the release. Sale hours are 9:30 a.m.-6:00 p.m. Monday through Saturday, and all forms of payment are accepted.

"The U.S. jewelry sector is contracting along with the economy, and national and regional chains alike are struggling to stay afloat," said Gary Jorgensen, vice president of Buxbaum Jewelry Advisors, which is conducting the going-out-of-business sale. "The good news for price-conscious consumers is that this trend is creating once-in-a-lifetime buying opportunities. The Henricks Jewelers sale is a perfect example."

Originally founded in 1982 by Henry Grimes and his son Rick (Henricks was a play on their first names), Henricks Jewelers was a high-volume independent jeweler, with holiday promotions that attracted bargain-hunters from across southwest Florida.
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