Ben Moss Jewellers Restructuring Operations

TORONTO, May 18, 2016 /CNW/ - Ben Moss Jewellers Western Canada Ltd. ("Ben Moss" or "the Company"), a leading Canadian jewellery retailer, announced today that it has commenced the restructuring of its operations. In 2013, the JSN Group acquired Ben Moss to provide the wholesale business with an additional sales outlet. Once completed, the restructuring will position the Company to compete and thrive in a Canadian jewellery marketplace that it has helped define for over a century.  

Currently, all retail locations across Canada remain open and unaffected. It is expected that a process to close 11 underperforming retail locations will be initiated over the coming weeks. Inventory reduction sales are already underway at the underperforming locations (listed below).

Ben Moss continues to stock the latest mix of exclusively designed jewellery and associated products that its customers have come to expect. There are no changes to Ben Moss gift cards, credit cards or store credit program. The layaway purchase program will be temporarily unavailable for new purchases, but customers already registered will continue to have their deposits honoured and may complete their payment to receive their purchases.

To provide Ben Moss with the necessary time and stability to restructure its operations with minimal interruption, the Company has successfully obtained an initial Order from the Ontario Superior Court of Justice (Commercial Division) (the "Court") granting it creditor protection under the Companies' Creditors Arrangement Act ("CCAA") (the "Initial Order").The Stay of Proceedings granted under the Initial Order will last for 30 days, although the Company may apply for an extension to the Stay in the normal course and at any point during the initial Stay period. The Court has also approved the initiation of a Refinancing and/or Investment Solicitation Process. Ben Moss has the requisite funds to operate while under CCAA protection, having secured additional financing (debtor-in-possession financing) from its senior secured lenders, and expects to emerge from CCAA protection during the summer.

FAAN Advisors Group Inc. has been appointed Chief Restructuring Officer ("CRO") of the Company. The engagement will be led by Naveed Z. Manzoor, Managing Director of the CRO. Alvarez & Marsal Canada Inc. has been appointed as the Monitor of the Company in the CCAA proceedings to assist Ben Moss in its restructuring. Davies Ward Phillips & Vineberg LLP is counsel to the Monitor. The Company has engaged Osler, Hoskin & Harcourt LLP as its legal advisor.

Additional information regarding the terms of the Initial Order and the Company's CCAA proceedings, including court materials, will be made publicly available on the Monitor's website at www.alvarezandmarsal.com/benmoss. Ben Moss will provide further updates as developments warrant.

Liquidation Sales at the Following Ben Moss Retail Locations:

Store	City	Province
71 Bayshore Shopping Centre	Ottawa	ON
132 Sherway Gardens	Etobicoke	ON
86 Georgian Mall	Barrie	ON
153 McAllister Place	Saint John	NB
73 St Laurent Centre	Ottawa	ON
142 Cambridge Centre	Cambridge	ON
151 Halifax Centre	Halifax	NS
68 Conestoga Mall	Waterloo	ON
69 Northgate Mall	North Bay	ON
48 Pine Centre	Prince George	BC
66 Gateway Mall	Prince Albert	SK

About Ben Moss

Ben Moss Jewellers has been Canadian owned and operated since 1910. In 2013, it was acquired from its founding family by The JSN Group of Companies.  Ben Moss offers exceptional selections, value and exclusive designs in diamond rings, engagement rings, anniversary rings, wedding bands, necklaces, bracelets, earrings and men's jewellery. For more information, please go to www.benmoss.com.

SOURCE Ben Moss Jewellers

regarding these proceedings: www.alvarezandmarsal.com/benmoss, [email protected]; Media contact: Joel Shaffer, Longview Communications, [phone]